Some individuals within President Trump’s inner circle, including prominent cryptocurrency supporter Elon Musk, are reportedly advocating for a significant weakening of the Federal Reserve, the U.S. central banking system. This move could potentially have far-reaching implications for the country’s financial stability and monetary policy.
President Trump previously attempted to dismiss the current Federal Reserve Chair, Jerome Powell, back in 2018, which resulted in a sharp decline in the stock market. Despite this, when asked recently if he would consider resigning under Trump’s new administration set to begin in January, Powell firmly stated that he had no intention of doing so.
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The ongoing pressure from Trump’s allies to undermine the Federal Reserve’s independence raises concerns about the potential politicization of the central bank and its impact on economic decision-making.
