Billionaires Elon Musk and Vivek Ramaswamy will head an effort, dubbed DOGE, to reduce wasteful federal spending. Here's what it's about.

The department wouldn't be a department at all, but an outside group that can likely only make suggestions — unless Trump tries to axe current laws.

But the structure of the so-called “department” may allow Musk and his co-chair, Vivek Ramaswamy, to evade some ethics requirements.

Trump made the announcement on social media, fulfilling a campaign promise to give Musk sweeping oversight of federal spending.

Last week, Donald Trump announced the creation of the Department of Government Efficiency, which promises to "dismantle government bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies.

Elon Musk shared on X that nor he or Vivek Ramaswamy will be paid to co-lead the newly-created Department of Government Efficiency.

Donald Trump has announced that Elon Musk and Vivek Ramaswamy, a former presidential candidate and ally of Trump, will lead a new "Department of Government Efficiency."