Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
Rand Paul, R-Ky. Senator discusses the importance of reducing the federal budget in “making money”.
Jerome Powell, president of Federal Reserve, has renewed his retreat against Elon Musk’s allegations that the Fed will go beyond the congressional hearing on Tuesday.
Powell testified to the Senate Bank Committee on the semester update of monetary policy and the economy, and Andy Kim, Dn.j. Senator asked the central bank’s excessive.
“No, I would say you know they might be overworked, not too much. Everyone in the Fed works very hard,” Powell said.
Musk recently said that the Federal Reserve was “too absurd” and suggested that the Ministry of Government Effect (DOGE) set up its sights to check the Fed. He previously criticized Fed’s monetary political decisions.
Elon Musk warns Federal Reserve with DOGE check
Jerome Powell, Fed president, said the Fed’s workforce is “overloaded”, “not” too much. (Seth Herald / Bloomberg with Getty Images / Getty Images)
Powell has previously said that the Fed is going through a careful budget process to determine the level of staff. At Tuesday’s hearing, he discussed the role of Federal Reserve workforce in the early stages of Covid Pandemic and how he relied on the knowledge of long -standing employees.
“When blue and economy closes around the world, the US treasury market stops, companies cannot transfer their commercial paper, economists write about depression. Fed, who has crossed the global financial crisis 10 years ago, Before he stepped forward, “we got it”, “Powell explained.
“We know what to do. Here’s what we do with money market funds, here’s what we do with companies that can’t get funding. Markets were closed and companies made debt that they had to pass on.”
Powell suppresses Musk’s statement to Fed “absurdly overly stopped”
Tesla and Spacex CEO Elon Musk, head of DOGE, criticized the Fed. (Saul Loeb/Pool/AFP with Getty Images/Getty Images)
“People who knew what to do in that very terrible emergency, worked in the Federal Reserve and other places, but I will tell you that it was impressive,” he added. “Really our work in the acute phase of the crisis was very successful, and this is entirely due to the knowledge base that lives with the Fed’s careers.”
Get FOX Business by clicking HERE
After the Senate Bank Committee testified on Tuesday, Powell is scheduled to be released on Wednesday by the House Financial Service Committee to update monetary policy and economy for legislators every six months.
