Elon Musk appears to have placed the Federal Reserve in the crosshairs of the Department of Government Efficiency (DOGE).
In a posting on X this morning, Musk responded to a tweet regarding Fed Chairman Jerome Powell’s leadership by commenting, “The Fed is absurdly overstaffed.”
Musk, along with tech entrepreneur Vivek Ramaswamy, has been tasked with running the DOGE initiative by President-elect Trump, with the goal reducing the size of the federal government. The Washington, D.C.-based Federal Reserve Board and the 12 regional Federal Reserve Banks employ roughly 24,000 people.
Musk’s comment went live on X at 1:34 a.m. EST – neither Powell nor any Federal Reserve spokesperson has publicly commented on his remarks.
Trump did not immediately comment on the Musk tweet, although he’s been critical of Powell since appointing him in 2018 and has stated he would not renew his term when it expires in 2026. Trump recently offered a facetious consideration of Powell’s performance by stating, “You show up to the office once a month and you say, ‘Let’s see: flip a coin.’ And everybody talks about you like you’re a god.”
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