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Elon Musk, the world’s richest man, has been granted full access to the U.S. Treasury’s payment system, which manages over $6 trillion in annual federal payments. Federal Payment System handles Social Security, Medicare benefits, tax refunds, and payments to government contractors.
The decision, made by Treasury Secretary Scott Bessent, has raised eyebrows and concerns among lawmakers. Critics argue that giving Musk, who heads the newly formed Department of Government Efficiency (DOGE), such access could pose a threat to national security. Senator Ron Wyden has voiced his concerns, highlighting potential risks and conflicts of interest, given Musk’s business interests.
Musk, however, has defended the move, stating that his team will work to eliminate waste and fraud in government spending. The DOGE department is set to operate until July 4, 2026, and will collaborate with the Office of Management and Budget to provide external advice and recommendations.
The decision has sparked a debate on the balance between efficiency and security, with many calling for a thorough review of the implications of this unprecedented access.
Earlier, we also wrote that Elon Musk might leverage blockchain technology to reduce the United States’ budget expenditures.
