President-Elect Trump Announces New Department of Government Efficiency
President-elect Donald Trump has announced his plan to appoint Tesla CEO Elon Musk and former presidential candidate Vivek Ramaswamy to lead a new Department of Government Efficiency (DOGE). This department will focus on restructuring federal agencies and reducing government spending.
The initiative, which Trump compared to "The Manhattan Project," will focus on dismantling bureaucracy, reducing regulations, and cutting wasteful expenditures. The department is scheduled to complete its work by July 4, 2026, coinciding with America's 250th independence anniversary.
"Together, these two wonderful Americans will pave the way for my Administration to dismantle Government Bureaucracy," Trump said in a statement. The department will work alongside the White House and Office of Management & Budget to implement structural reforms.
Musk, who shared the announcement on X (formerly Twitter), stated the changes would "send shockwaves through the system." The department's name, DOGE, shares its acronym with a cryptocurrency Dogecoin (DOGE/USD) Musk has previously promoted.
The initiative aims to address the federal government's annual $6.5 trillion in spending by identifying and eliminating waste and fraud. Trump emphasized the department would operate from outside the government structure to bring an "entrepreneurial approach" to federal operations.
Ramaswamy, responding to the announcement on X, posted "We will not go gently," while sharing Trump's statement.
The administration states this effort will make the U.S. government more accountable to citizens while promoting economic growth through reduced bureaucracy.
This announcement has also impacted the cryptocurrency market, with Dogecoin experiencing a significant increase in price and trading volume.