Elon Musk in a post on X appeared to back conservative commentator Charlie Kirk’s suggestion that former Rep. Ron Paul (Texas) replace Jerome Powell as chairman of the Federal Reserve.
“Great idea!” Musk replied on X to a statement from Kirk, saying that Paul “would make a great next Chairman of the Federal Reserve.”
In a reply to Sen. Mike Lee (R-Utah) on X, Musk wrote “that would be amazing” when Lee said he would like to see Paul as chairman. Lee replied: “Ron Paul for Fed Chair!”
Paul, 89, is a longtime critic of the Fed. He ran for president three times, as a libertarian and as a Republican as recently as 2012. Paul is the father of Kentucky Sen. Rand Paul (R).
Trump bashed the central bank late last month and accused Powell of failing to stop inflation after the Fed kept interest rates steady. Trump elevated Powell to chairman of the Fed in his first team.
Musk’s Department of Government Efficiency (DOGE) has been tasked with overhauling the federal government and recently gained access to Treasury Department payment systems, before a federal judge’s ruling prohibited special government employees and those detailed from outside the department from getting access to the systems.
The president in December said that he doesn’t plan on attempting to fire Powell, whose term ends in 2026. Powell said in November he would not step down from his position if Trump asked, saying it is “not permitted under the law” for the president to fire or demote him or any of the other Fed governors with leadership positions.
Trump has repeatedly and publicly criticized the Fed and its chair for not cutting interest rates fast enough throughout his tenure.
Treasury Secretary Scott Bessent also said in December that Powell can serve out the remainder of his term leading the central bank.
