Excessive personnel? Musk is ready to take action against the Federal Reserve!
On the 23rd, Musk stated on the social media platform X that as the guardian of the world's largest economy, the Federal Reserve is "overstaffed." Previously, Trump had also repeatedly targeted the Federal Reserve and Powell for criticism
"New officials take office with three fires," facing the daunting task of improving the efficiency of the U.S. government this January, is Musk sharpening his knives against the Federal Reserve?
On the 23rd, Musk stated on the social media platform X that the Federal Reserve is excessively overstaffed.
Musk has become one of Trump's closest advisors and will lead the Department of Government Efficiency alongside entrepreneur Vivek Ramaswamy. This department aims to provide a more streamlined and efficient government, including cutting $2 trillion in spending.
Data shows that last year, the Federal Reserve and its 12 regional reserve banks employed about 24,000 staff, significantly fewer than similar institutions. In contrast, the combined number of employees in the central banks of Germany, France, and Italy at the European Central Bank is higher.
Previously, Trump has repeatedly targeted the Federal Reserve and Powell for criticism. He believes he should have a greater say in monetary policy and interest rate setting.
Recently, he mocked Powell's role as "the greatest job in government," sarcastically stating:
"You go to the office once a month and say, 'Let's see, let's flip a coin to decide.'"
Although Powell has not directly responded to these criticisms, European Central Bank President Christine Lagarde questioned Trump's remarks. In an interview, she stated:
"Thousands of hardworking people—economists, lawyers, computer scientists—I can assure you they work very hard every day, not just once a month."
Lagarde emphasized that the European Central Bank defends the euro just as the Federal Reserve defends the dollar. She believes Powell views his work in the same way