Elon Musk supports the contentious idea that US presidents should have a say in Federal Reserve policy. This endorsement came after President-elect Donald Trump hinted at a potential shift in the Fed's independence.

Musk's statement is part of a movement questioning the central bank's autonomy as Trump sets the stage for a possible overhaul of Fed interactions with the executive branch, CNBC reported.

Presidential Influence Over the Fed

The billionaire behind Tesla and SpaceX openly supported the notion that presidents should be able to intervene in the central bank's decision-making process following Trump's recent election win.

Musk's endorsement now hints at a potential clash between the new administration and the Federal Reserve, which has historically maintained a strict separation from political influence.

Throughout his 2024 campaign, Trump frequently hinted at wanting a say in Fed policies. He reportedly argued that his financial success and business instincts qualify him to make better decisions than the Federal Reserve chair, Jerome Powell. This stance aligns with Trump's previous criticisms during his first term, where he openly disagreed with Powell's policy decisions.