Elon Musk teases DOGE audit of the Federal Reserve

At the Conservative Political Action Conference on Thursday in Maryland, Elon Musk hinted at some of DOGE’s upcoming works, including a possible audit of the Federal Reserve.

Musk has previously called for more scrutiny of the Fed’s activities, and an audit could possibly help pinpoint and implement cost-cutting measures that previous administrations overlooked. 

Musk is considering auditing the Federal Reserve and Fort Knox

At the CPAC stage, Musk made a dramatic entrance, sporting sunglasses and a black MAGA hat while throwing his fists in the air. Later, he was joined on stage by President Javier Milei of Argentina, who presented him with a chainsaw, a symbol of his government’s crackdown on excessive spending, which Musk called “the chainsaw for bureaucracy.”

Then, in an onstage interview with Rob Schmitt of Newsmax, a conservative news and opinion cable channel, Musk teased his plans to audit the Federal Reserve. However, he did not give much detail on when or how he would look into the Fed.

On X, he also wrote, “All aspects of the government must be fully transparent and accountable to the people. No exceptions, including, if not especially, the Federal Reserve.”

Nevertheless, the Federal Reserve does have all its yearly financial audits posted online.

Musk also said he wants to confirm the gold reserves in Fort Knox, Kentucky, an idea originally proposed by President Donald Trump. However, Treasury Secretary Scott Bessent told Bloomberg on Thursday that Fort Knox’s gold reserves are audited annually, adding that all the gold is accounted for.

Musk and Trump are thinking of giving payouts to Americans

The Tesla CEO, speaking at the CPAC conference, argued that all the money saved from DOGE’s cost-cutting program could be distributed to the public. He said that the money taken away from “destructive” things in the country and organizations that resent the people would be given back, calling it “the spoils of battle.” 

On Wednesday, Trump had made a similar statement at the FII Priority Summit, saying they are thinking of paying 20% of DOGE’s savings directly to Americans and another 20% to help clear the country’s debt.

When asked about the wasteful spending in the federal budget, Musk compared it to being in a room where the walls, roof, and floor are all targets, and so you just need to close your eyes and choose any direction.

So far, DOGE has claimed that it has saved up to $55 billion by renegotiating contracts and leases, canceling grants, selling assets, slashing staff, cutting regulatory costs, and fraud detection.

Nonetheless, the agency and Trump are facing harsh criticism over multiple violations. Musk recently came under fire for infringing on privacy laws, and now Trump is being criticized for trying to cut budgets on spending already approved by Congress.