President-elect Donald Trump has announced that Elon Musk and Vivek Ramaswamy will lead the 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 news release.

“This will send shockwaves through the system, and anyone involved in Government waste, which is a lot of people!” Musk was quoted saying.

The work of the department will end no later than July 4, 2026, Trump said in the release.

“A smaller Government, with more efficiency and less bureaucracy, will be the perfect gift to America on the 250th Anniversary of The Declaration of Independence. I am confident they will succeed!” Trump said in the release.

/CNN