Sen. Mike Lee, R-Utah, floated former GOP Rep. Ron Paul for Federal Reserve chairman and billionaire Elon Musk, who is leading the Department of Government Efficiency called the idea "amazing."

Musk initially wrote on X that it would be a "good idea" if DOGE allowed Paul to run a "Federal Reserve audit team."

Lee responded to that comment on X. 

"Raise your hand if you’d like to see @RonPaul as Federal Reserve chairman," Lee wrote about Paul, 89, whose signature issue became calling for a full audit of the Federal Reserve . He was also a vocal opponent of the Iraq War before it began.

The current chairman of the Federal Reserve if Jerome Powell. 

Paul's son, Rand, is currently serving in the U.S. Senate representing Kentucky.