Tesla and SpaceX CEO Elon Musk publicly backed a call from Sen. Mike Lee to place the Federal Reserve under presidential direction. Musk expressed his support in response to Lee's social media post. The move aligns him with recent challenges to Fed independence as President-elect Donald Trump assumes office. Fed Chair Jerome Powell confirmed on Thursday that he would not resign if asked by Trump. The independence of the Federal Reserve traditionally allows it to manage monetary policy based on economic needs rather than political influence.