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Trump called the effort potentially, the Manhattan Project of our time.
There is currently no actual congressionally approved, Cabinet-level Department of Government Efficiency.
Presidents routinely create commissions to study various issues and appoint private sector figures to serve on them.
From left: Elon Musk, Donald Trump and Vivek RamaswamyDimitrios Kambouris / Charly Triballeau / AFP / Anna Moneymaker / Getty Images
Musk, the worlds richest person, endorsed Trump in July and later campaigned for him.
Ramaswamy ran in the Republican primary last year and later became one of Trumps campaign surrogates.