Trump Allies Push for Federal Reserve Overhaul Amid Tensions with Jerome Powell

Elon Musk and key Trump supporters advocate for abolishing the Fed, raising questions about its future independence.

Elon Musk and Republican Sen. Mike Lee have voiced support for ending the Federal Reserve, a move that could reshape U.S. monetary policy.
President-elect Donald Trump has not publicly endorsed dismantling the Fed but has criticized its current rulebook and called for lower interest rates.
Federal Reserve Chairman Jerome Powell has stated he would not resign if pressured by Trump, emphasizing the legal protections of his role.
During Trump's previous term, tensions with Powell arose over monetary policy, with Trump considering Powell's removal but ultimately not pursuing it.
The potential for legislative changes exists, as Republicans hold a Senate majority, but any attempt to alter the Fed's independence would face legal and political challenges.