President-elect Donald Trump on Tuesday announced that Elon Musk and Vivek Ramaswamy will join his administration to lead a proposed new department focused on improving efficiency, reducing waste, and cutting excess regulation.

“I am pleased to announce that the Great Elon Musk, working in conjunction with American Patriot Vivek Ramaswamy, will lead the Department of Government Efficiency (DOGE),” Trump said in a statement.

“Together, these two wonderful Americans will pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies Essential to the ‘Save America’ Movement.”

Trump suggested that the proposed department would create an entrepreneurial approach to government “never seen before” and would send shockwaves through Washington.

The department would have the edict of providing advice and guidance from outside the government, working in step with the White House and Office of Management and Budget “to drive large scale structural reform.”

“I look forward to Elon and Vivek making changes to the Federal Bureaucracy with an eye on efficiency and, at the same time, making life better for all Americans,” Trump said. “Importantly, we will drive out the massive waste and fraud which exists throughout our annual $6.5 Trillion Dollars of Government Spending. They will work together to liberate our Economy, and make the U.S.Government accountable to ‘WE THE PEOPLE.’”

The to-be-established DOGE would aim to conclude its work to create a “smaller government” by July 4, 2026.