Powell says he does not believe Musk or his team have tried to access Fed systems

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.