Elon Musk Appointed to Lead Government Efficiency Department

Elon Musk has been appointed by President-elect Donald Trump to co-lead the new Department of Government Efficiency, aimed at reducing government waste and bureaucracy. Musk plans to create a 'leaderboard for the most insanely dumb spending' of taxpayer dollars, pledging to enhance transparency in government operations. Additionally, Musk expressed support for abolishing the Federal Reserve, sharing a post from Republican Senator Mike Lee that calls for ending the central bank, which has raised questions about its future under a Trump administration. While Trump has not publicly endorsed the abolition of the Fed, his administration signals a potential shift in monetary policy. The new department's work is expected to be completed by July 4, 2026, coinciding with the 250th anniversary of the Declaration of Independence. Musk's initiatives could lead to significant changes in how federal spending and monetary policy are approached in the U.S.