In a move aimed at streamlining the U.S. federal government, President-elect Donald Trump announced on Tuesday the appointment of tech entrepreneur Elon Musk and former GOP presidential candidate Vivek Ramaswamy to lead the newly created Department of Government Efficiency. This initiative, designed to minimize government bureaucracy and reduce federal spending, is set to operate outside the traditional confines of government, sidestepping Senate approval.

Trump stated that Musk, founder of Tesla and SpaceX, and Ramaswamy, a biotech entrepreneur, would be responsible for “dismantling government bureaucracy, slashing regulations, and restructuring federal agencies.” The new department, coined the “Department of Government Efficiency” (DOGE), will work closely with the White House and the Office of Management and Budget to overhaul federal operations, with a target completion date of July 4, 2026, to mark the nation’s 250th Independence Day.

Musk, who has shown strong support for Trump, including significant campaign donations, said the department’s activities would be “posted online for maximum transparency,” encouraging the public to suggest cost-cutting ideas. “We’re going to get the government off your back and out of your pocketbook,” Musk said, adding that discretionary spending could be reduced by “at least” $2 trillion. DOGE’s online platform will also feature a “leaderboard” for what Musk described as “the most insanely dumb spending of taxpayer dollars.”

However, the move has drawn criticism from some quarters. Public Citizen, a progressive consumer rights group, argued that Musk’s background is unsuitable for the position, citing previous regulatory issues faced by his companies. “This is corporate corruption at its worst,” said Lisa Gilbert, co-president of Public Citizen.

With Musk’s appointment, his influence over various federal agencies could potentially benefit his business ventures in sectors such as artificial intelligence and cryptocurrency. Equities analysts have predicted a favorable business environment for Musk’s companies under Trump’s administration, with Tesla shares up by 30% since Election Day.

Ramaswamy, author of “Woke, Inc.,” and a vocal opponent of social justice-driven corporate policies, announced that he would be withdrawing from consideration for a U.S. Senate appointment in Ohio to focus on the new role.