Elon Musk plans Federal Reserve audit amid scrutiny

Elon Musk has reiterated his call for a comprehensive audit of the Federal Reserve, stating at the Conservative Political Action Conference that he intends to ensure all government departments, including the Fed, are fully accountable. Musk, leading the Department of Government Efficiency (DOGE), plans to allocate 40% of any budget optimizations from these audits—20% to compensate Americans and 20% to address the national debt. His comments follow a recent executive order from the White House that enhances the oversight powers of President Trump’s appointees over independent agencies while maintaining the Fed's control over monetary policy. Federal Reserve Chair Jerome Powell has expressed concerns about the potential political pressure such audits could create, potentially hindering the Fed's crisis response capabilities. Despite existing audits conducted by independent firms and oversight bodies, Musk insists on greater transparency. This ongoing advocacy has drawn mixed reactions, reflecting a long-standing debate surrounding the Fed's accountability.