Trump announced that billionaire Elon Musk and Vivek Ramaswamy, a former presidential candidate and ally of the president-elect, will lead a new Department of Government Effectiveness.

“Together, these two wonderful Americans will lead the way for my administration to dismantle government bureaucracy, cut excessive regulations, cut wasteful spending, and restructure federal agencies,” Trump said in a statement.

The Department of Government Effectiveness is not a new government agency. Trump said he would “provide advice and guidance from outside of government” and “partner” with the White House and the Office of Management and Budget to drive structural reform of the government.

Trump previously said Musk would play a role in his administration as head of a new “commission on government efficiency.”