Senator Rand Paul, R-Ky., Discusses the importance of reducing the federal budget on “earning money”.
President of the Federal Reserve Jerome Powell renewed its decline against Elon Musk’s claims that the Fed exceeded on Tuesday a convention audience.
Powell testified before the Senate Banking Committee for a semi -annual update on monetary policy and the economy and was invited by Senator Andy Kim, DN.J., as to the central bank is in staff.
“No, I would say that you know, maybe overmented, no overstaffing. Everyone at the Fed works very hard,” Powell said.
Musk recently declared that the federal reserve was “absurdly overvalued” and suggested the Government Department of Effectiveness (DOGE) could target an audit of the Fed. He had previously criticized the Fed monetary policy decisions.
Elon Musk warns the federal reserve can face a DOGE audit
The president of the Fed, Jerome Powell, said that the Fed workforce was “overloaded”, not “which has overvalued”. (Seth Herald / Bloomberg via Getty Images / Getty Images)
Powell previously said that the Fed goes through a meticulous budgetary process to determine its endowment levels. During the hearing on Tuesday, he also discussed the role played by the workforce of the federal reserve in the early stages of the COVID PANDEMIE And how it depended on the knowledge of longtime employees.
“When the pandemic strikes the world unexpectedly and the savings around the world stop, the US treasure market stops to function, companies cannot drive on their commercial paper, economists write on depression. People of the Fed who went through the global financial crisis 10 years before advancing to say: “We had that,” said Powell.
“We know what to do. Here is what we do with the funds of the money market, here is what we do with companies that cannot obtain funding. The markets have been closed and companies had a maturation debt they had to return. “
Powell rejects Musk’s complaint, the Fed is “absurdly overvalued”
Tesla and the CEO of SpaceX, Elon Musk, who directs Doge, criticized the Fed. (Saul Loeb / Pool / AFP via Getty Images / Getty Images)
“People who knew what to do in this rather disastrous emergency worked in Federal reserve And in other places, but I will tell you, it was impressive, “he added.” Really, our work during this acute phase of the crisis was very successful, and it is entirely due to the knowledge base that resides with career people at the Fed. “”
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After testifying Tuesday before the senatorial banking committee, Powell is expected to appear on Wednesday before the Chamber of Financial Services Committee to deliver its half -yearly update on monetary policy and the economy to the Chamber’s legislators.
