Can Trump and Musk take on the Fed? The push for a historic audit

With Donald Trump in the political spotlight and Elon Musk’s Department of Government Efficiency (DOGE) driving aggressive financial reforms, speculation is growing over whether a full-scale audit of the Federal Reserve and the U.S. Treasury could be on the horizon. While Trump has long voiced support for greater scrutiny of the Fed, and Musk’s involvement in government spending cuts is deepening, the question remains – will it actually happen?

The case for an audit

Trump has previously criticised the Federal Reserve’s monetary policy, arguing that its decisions lack transparency and accountability. His administration, with DOGE at the forefront, has already pushed for aggressive cost-cutting measures, including cancelling over 200,000 government credit cards and reviewing federal payment systems. These moves suggest a willingness to go further, potentially scrutinising the Fed’s balance sheet and the Treasury’s handling of national debt.

For many fiscal conservatives, an audit of the Fed and Treasury is long overdue. The central bank’s role in controlling the money supply, setting interest rates, and engaging in quantitative easing has come under increased scrutiny, particularly after years of inflationary pressure. Supporters of an audit argue that the American people deserve to know how decisions affecting the economy are made behind closed doors.

Fort Knox gold reserves under scrutiny

In addition to his focus on the Federal Reserve and Treasury, President Trump has cast doubt on the security of the U.S. gold reserves stored at Fort Knox. Trump, along with Elon Musk, has raised questions over whether the gold still exists in the vaults of the iconic Kentucky depository.

Trump has openly expressed a desire to inspect the gold himself, while Musk has also suggested that a live stream from Fort Knox could offer full transparency and prove that the gold reserves are intact. This public scrutiny has reignited discussions about the security and auditing of the nation’s precious metal assets.

While Trump and Musk’s calls for more transparency have stirred debate, they are unlikely to dismantle Scott Bessent’s long-standing assurance that Fort Knox’s gold reserves are both secure and properly audited.

The barriers to an audit

Despite Trump’s rhetoric and Musk’s cost-cutting ambitions, a full-scale audit of the Federal Reserve and Treasury faces serious hurdles. The Fed operates with a high degree of independence, and any attempt to interfere with its monetary policy could trigger backlash from financial institutions, investors, and policymakers. Congress would need to approve a more extensive audit, and with the political landscape divided, passing such a measure is far from certain.

There’s also the risk of market instability. The mere suggestion of an audit could unsettle financial markets, as investors may fear political interference in the central bank’s operations. Previous efforts to push for Fed transparency, such as Ron Paul’s ‘Audit the Fed’ campaign, gained traction but ultimately failed to secure enough support.

Will it happen?

At this stage, the possibility of a full Federal Reserve and Treasury audit remains uncertain. While Trump and Musk’s DOGE initiative have demonstrated a clear commitment to financial efficiency, forcing an audit of these powerful institutions would require navigating political, legal, and economic obstacles. However, if Trump secures a second term and Musk’s influence in Washington continues to grow, the pressure for greater oversight could intensify.

For now, the question isn’t just whether an audit will happen – but whether there is enough political will to make it a reality.