Elon Musk Teases DOGE Audit of the Federal Reserve

Elon Musk hinted at potential plans for DOGE to conduct an audit of the Federal Reserve during the Conservative Political Action Conference (CPAC) in Maryland on Thursday. 

Musk, who has previously called for greater transparency in government operations, suggested that reviewing the Fed’s financial activities could reveal inefficiencies and help implement cost-cutting measures.

Musk discusses auditing the Federal Reserve and Fort Knox

While speaking at CPAC, Musk made a bold entrance wearing sunglasses and a black MAGA hat, raising his fists. Later, he joined Argentine President Javier Milei on stage, where Milei handed him a chainsaw, symbolizing the fight against excessive government spending. Musk referred to it as “the chainsaw for bureaucracy.”

During an interview with Newsmax’s Rob Schmitt, Musk indicated he was considering auditing the Federal Reserve. However, he did not specify how or when the audit might occur. Later, on X, he posted that all government operations should be fully transparent and accountable, emphasizing that the Federal Reserve should not be an exception.

Musk also suggested verifying Fort Knox’s gold reserves, a proposal previously proposed by former President Donald Trump. However, Treasury Secretary Scott Bessent assured Bloomberg that Fort Knox’s gold reserves are audited annually and fully accounted for.

Musk and Trump suggest financial payouts to Americans

At the CPAC conference, Musk argued that savings generated through DOGE’s cost-cutting efforts should benefit the public. He stated that money removed from inefficient and wasteful government programs should be returned to the people. He described these funds as “the spoils of battle.”

Trump also supported the idea during the FII Priority Summit, where he suggested that 20% of DOGE’s savings could be distributed directly to Americans. In comparison, another 20% could be allocated to reducing national debt.

DOGE reports billions in savings but faces scrutiny

DOGE has claimed to have saved $55 billion by renegotiating contracts, cutting regulatory costs, reducing staff, canceling grants, selling assets, and improving fraud detection. Musk compared government waste to standing in a room where every surface is a target, making it easy to find areas to cut spending.

The claims raised against Musk and Trump have led to public disapproval from different observers. Privacy laws and U.S. Congress spending authorization act as the basis for criticism directed at Musk and Trump. Their method of expense reduction faces criticism regarding potential legal and moral issues.

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