Elon Musk supports proposal to give presidents control over Federal Reserve following Trump's election victory.

• Elon Musk, CEO of Tesla and SpaceX and a billionaire supporter of President-elect Donald Trump, advocated for presidents to have the ability to influence Federal Reserve policy.
• Jerome Powell stated that he would not resign from his position as Fed Chair if requested by Trump, prompting Musk's response.
• During his 2024 presidential campaign, Trump frequently considered the possibility of influencing Fed policy if he were to secure another term in office.

Elon Musk, the billionaire supporter of President-elect Donald Trump, endorsed the notion of presidents having the ability to influence Federal Reserve policy.

On Friday, Musk responded to Sen. Mike Lee's Thursday social media post about the Fed being under presidential direction by posting the "100" emoji, indicating agreement.

Sen. Lee had punctuated his post with "#EndtheFed."

The broader pressure campaign on Fed independence could be reflected in the next Trump administration, as indicated by Musk's comment.

On Thursday, Fed Chair Jerome Powell stated that he would not resign from his position if requested by Trump, rekindling the possibility of a strained relationship between the Fed chair and the president-elect.

The Fed's independence tradition empowers the central bank to make monetary policy decisions, such as adjusting interest rates, based solely on the future well-being of the U.S. economy.

During his first term, Trump was not hesitant to criticize Powell and his policies in public.

During his 2024 presidential campaign, Trump frequently considered the possibility of influencing Fed policy if he were to secure another term in office.

"Trump stated in August at a press conference at his Mar-a-Lago club in Florida that he believes the president should have a say in the Federal Reserve's decision-making process. He also expressed his belief that, due to his success and financial expertise, he has a better instinct than many others who would be on the Federal Reserve or serving as chairman."