Elon Musk, a key Trump backer who is expected to have considerable sway in helping shape Trump's policies, included a "100" emoji while re-sharing Republican Sen. Mike Lee of Utah's post on X calling for abolishing the Fed.
's return to the White House already carried the potential for sweeping changes to the Federal Reserve.
"The Federal Reserve is one of many examples of how we've deviated from the Constitution in that regard," Lee added.Asked where Trump stands on the matter, Trump-Vance transition spokesperson Karoline Leavitt told CNN: "Policy should only be deemed official if it comes from President Trump directly."Federal Reserve Chairman Jerome Powell told reporters he wouldn't resign if Donald Trump asked him to.
Those promises include bringing interest rates "way down," which Trump vowed to do if elected at the National Association of Black Journalists' annual conference in August. Presidents, however, don't have any direct influence over the rates Americans pay to borrow money. For instance, central bankers resisted calls to lower rates, instead opting to keep rates at a two-decade high for a year to rein in stubborn inflation. It wasn't until two months ago that they finally cut rates as inflation cooled to just shy of the Fed's 2% target.
It's unclear if Trump has the legal authority to overhaul the Fed's independence on his own, let alone at all, or remove a Fed appointee before their term expires.
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