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.

The proposed government agency, which is not yet established, would “dismantle Government Bureaucracy” among other things, according to Trump.

As President-elect Donald Trump assembles the cabinet for his incoming presidential administration, he has also announced his plan to create an initiative he calls the “Department of Governmental Efficiency” (DOGE).

Elon Musk has slept on Tesla's factory floor and instructed SpaceX employees to walk out of meetings where they aren't adding value.

The agency aims to protect consumers from unfair, deceptive or abusive financial practices by taking action against companies that break the law. In 2022, the CFPB ordered Wells Fargo to pay $3.7 billion for “widespread mismanagement” that led to misapplied loan payments, wrongfully foreclosed homes and more.

President-elect Donald Trump announced Tuesday that Elon Musk and Vivek Ramaswamy will lead his administration's new Department of Government Efficiency, or DOGE, to end "government waste" and "slash excess regulations.