Trump has announced that billionaire Elon Musk and Vivek Ramaswamy, a former presidential candidate and ally of the president-elect, will lead a new Department of Government Efficiency.

“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,” Trump said in a statement.

The Department of Government Efficiency is not a new government agency. Trump said it will “provide advice and guidance from outside of government” and “partner” with the White House and Office of Management and Budget to drive structural government reform.

Trump has previously said Musk would take a role in his administration as head of a new “government efficiency commission.”

Tesla CEO and X owner Elon Musk speaks during a rally for Republican presidential nominee and former president Donald Trump in Butler, Pennsylvania, Oct. 5, 2024.