Presidential candidate Vivek Ramaswamy vows to cut Federal Reserve staff by 90% if elected. Several Republican contenders are united in their push for financial freedom, including supporting investing in Bitcoin. The influence of cryptocurrencies and the role of the Federal Reserve are emerging as key issues in the elections.
US presidential candidate Vivek Ramaswamy is charting a bold path to the 2024 election by targeting the central bank. If elected, he has promised to cut Federal Reserve staff by a staggering 90%.
In an interview with Fox News, he said: “I think we don’t need 23,000 employees at the US Federal Reserve.”
Ramaswamy Targets Fed for Price Stability
The Republican primary candidate advocates a system rooted in efficiency. Ramaswamy told Fox: “I think we could have a 90% downsizing in that system in place, stabilized in the dollar. That’s what I said.”
Ramaswamy has long been a vocal critic of the expansionary role of the Federal Reserve. Earlier this year, at the 2023 Bitcoin conference in Florida, he advocated for a change in the main bank’s mandate.
In a conversation, Ramaswamy said that he “would put the Fed back in place to have a single term, to focus on stabilizing the US dollar as a unit of measure, period.” And added that “instead of trying to focus on multiple other terms.”
Vivek Ramaswamy’s remarks have elevated the central bank’s role in the economy to a prominent issue in the presidential race.
Making his stance on cryptocurrency clearer, Ramaswamy announced in May his intention to accept Bitcoin donations ahead of the primaries. While he wasn’t the only one breaking away from traditional campaign finance, he has strengthened the broad Republican stance on enabling innovation and financial freedom in cryptocurrency.
According to the latest data from PredictIt, Ramaswamy is in second place in the race, behind former President of the United States Donald Trump.
Republicans Advocate for Financial Freedom through Bitcoin Investment
Florida Governor and another possible Republican contender, Ron DeSantis, is next in line. He vows to “brake” the central bank and believes in ousting Chairman Jerome Powell before his term ends in 2026.
DeSantis has opposed the concept of a central bank digital currency (CBDC), advocating instead for greater freedom with cryptocurrency investments.
“Biden’s war on Bitcoin and cryptocurrencies will end when I am president,” DeSantis recently declared. Ramaswamy recently edged out DeSantis in the odds for the Republican nomination in recent reports.
Former President Trump is also campaigning on a pitch for financial reform. He has promised to fire IRS agents hired by President Biden. “I will say ‘no’ to 87,000 IRS agents who want to take your money and destroy your lives,” Trump recently told supporters.
The GMI PAC, a cryptocurrency-focused political action committee, found that 44% of American voters own or consider owning digital assets. With Millennials and Gen-Zers expected to make up a large portion of American voters, cryptocurrency has emerged as a key issue in the upcoming election.
As Balaji Srinivasan pointed out, the prominence of Bitcoin in this election cycle is unprecedented. It leads him to call 2024 the “the first Bitcoin election”. This parallels the first “Twitter election” in 2016, which demonstrated the influence of technology and social media on American politics.
By Audy Castaneda
