financetom
Economy
financetom
/
Economy
/
Powell says he does not believe Musk or his team have tried to access Fed systems
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Powell says he does not believe Musk or his team have tried to access Fed systems
Feb 11, 2025 9:36 AM

(Reuters) - Federal Reserve Chair Jerome Powell on Tuesday said he did not believe that Elon Musk or members of his Department of Government Efficiency team have tried to access the Fed's secure payment systems.

"Will you commit to report to this committee, majority and minority, immediately should you become aware of any such attempt by Elon Musk or DOGE to pierce the Fed's independence or to access its protected systems?" Powell was asked by Democratic Senator Raphael Warnock of Georgia during a hearing before the Senate Banking Committee.

"Yes," Powell said.

The exchange follows moves by Musk lieutenants installed at the Treasury Department to gain access to the federal payments system responsible for more than $6 trillion in U.S. government disbursements a year.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Fed's Goolsbee sees another 125 bps of rate cuts by end-2025
Fed's Goolsbee sees another 125 bps of rate cuts by end-2025
Nov 15, 2024
(Reuters) - Federal Reserve Bank of Chicago President Austan Goolsbee on Friday signaled he feels the U.S. central bank will likely end up cutting the policy rate by another quarter of a percentage point this year and a full percentage point further next year, as Fed policymakers projected in September .  I think we are going to be looking at...
Powell says no need for Fed to rush rate cuts given strong economy
Powell says no need for Fed to rush rate cuts given strong economy
Nov 15, 2024
DALLAS (Reuters) - Ongoing economic growth, a solid job market, and inflation that remains above the 2% target means the U.S. central bank does not need to rush to lower interest rates and can deliberate carefully, Federal Reserve Chair Jerome Powell said on Thursday. In remarks that align with a developing expectation in financial markets for fewer rate cuts next...
US judge strikes down Biden overtime pay rule
US judge strikes down Biden overtime pay rule
Nov 15, 2024
(Reuters) - A federal judge in Texas on Friday permanently blocked a Biden administration rule that would have made about 4 million more salaried U.S. workers eligible for overtime pay. U.S. District Judge Sean Jordan in Sherman, Texas, said the U.S. Department of Labor rule that took effect in July improperly bases eligibility for overtime pay on workers' wages rather...
Weekly Jobless Claims Decline to Lowest Level Since May
Weekly Jobless Claims Decline to Lowest Level Since May
Nov 15, 2024
02:33 PM EST, 11/14/2024 (MT Newswires) -- Weekly applications for unemployment insurance dipped to the lowest level since May, while continuing claims retracted, according to US government data released Thursday. The seasonally adjusted number of initial claims dropped by 4,000 to 217,000 in the week ended Saturday, the lowest point since May 18, according to the Department of Labor. The...
Copyright 2023-2025 - www.financetom.com All Rights Reserved