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Investor's Crypto Daily > Blog > Headlines > Economy > Economic News > Vivek Ramaswamy and Musk will be leading Trump’s department for government efficiency. What to Expect
Economic News

Vivek Ramaswamy and Musk will be leading Trump’s department for government efficiency. What to Expect

Last updated: November 13, 2024 9:38 am
By Chad McAuley 6 Min Read
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The newly formed Department of Government Efficiency will be headed by Elon Musk, the CEO of Tesla and Vivek Ramaswamy, a former Republican candidate for president.

Contents
What is Vivek R. Ramaswamy all about?Musk is promoting the Department.Ethics and organizational structure

Trump’s announcement is a fulfillment of one of the promises he made during his campaign.

This department is not a government agency, but it will offer external advice to the White House.

The Office of Management and Budget will work with it to create a new entrepreneurial government approach.

Trump stated in his announcement that “Together these two wonderful Americans pave the path for my Administration’s dismantling of Government Bureaucracy. They will slash excessive regulations, reduce wasteful expenses, and restructure Federal Agencies.”

Trump stated in a press release that the work of this department will be completed by 4 July 2026.

The date was important to him, and he framed the project’s completion as “a gift” for the American people on the 250th Anniversary of the Declaration of Independence.

He said that the country deserved a smaller and more efficient government.

What is Vivek R. Ramaswamy all about?

Ramaswamy is a former biotech executive and entrepreneur aged 38. He gained fame for his anti establishment and anti-woke positions.

Ramaswamy, who had made a notable but brief bid for the presidential office in 2023 ended his campaign in early 2024 when he finished fourth in the Iowa Caucuses.

In the end, he endorsed Trump and aligned himself with his similar visions of policy, which included a reduction in federal powers.

Ramaswamy, during his election campaign, promised to demolish important agencies such as the FBI and Department of Education.

In a paper he published, he outlined how a president can legally dissolve federal departments to create a smaller government.

Ramaswamy, despite not having direct experience in government, has established himself as a leader who is decisive and cost-saving.

The fact that he urged Buzzfeed to reduce its staff and include conservative commentators shows his willingness to take bold financial steps.

Musk is promoting the Department.

Musk has spoken out about inefficiencies of the federal government system, which he has advocated since a long time.

The unconventional way he promotes DOGE – a funny name that refers to Dogecoin – reflects his approach.

Musk, who supported Trump during his election campaign, proposed to cut $2 trillion in government expenditures. He also outlined measures such as assessing the performance of employees and initiating layoffs based on inefficiency.

Also, he suggested that generous termination packages be offered to those who are affected.

Musk is frequently at odds with the Federal Aviation Administration, the US Environmental Protection Agency and the Securities and Exchange Commission.

Federal agencies have scrutinized each of Tesla’s major projects: SpaceX’s protocols for launch, Neuralink’s animal testing, Tesla’s autonomous driving technology.

According to experts, cost-cutting could result in deregulations and shifts in policy that would be beneficial for Musk’s diverse companies including Tesla, SpaceX and X.

Musk’s auditing of federal agencies is also a conflict, since he could be overseeing regulators that influence his businesses.

Musk’s other obligations have led Trump to make it clear that Musk will not likely hold a full-time job.

Trump told a Michigan crowd in September that he couldn’t get Trump full-time, because “he was too busy with sending rockets and doing all of the other things he did.”

Musk is still expected to have a significant influence on government reforms through his role as an advisor.

Ethics and organizational structure

The specifics of the department’s operation are still unclear despite Trump’s enthusiasm.

As an advisory external body, the DOGE may need to adhere to Federal Advisory Committee Act, which requires transparency and accountability.

It is not yet known if it will adhere to these rules, or operate in a way that does not comply with them.

Experts in ethics have noted that since Ramaswamy and Musk will not be federal workers, they won’t be required to disclose the usual conflicts of interests.

To prevent unethical conduct, federal regulations require that employees disclose their assets and holdings.

These safeguards are not applicable, however, as both individuals will be operating outside of the formal organization.

Vivek Raaswamy, who was previously with Musk will now lead Trump’s department for government efficiency. What to expect could change as the story unfolds.

This site is for entertainment only. Click here to read more

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