Trump says he will appoint Elon Musk to lead government efficiency commission

Republican presidential nominee Donald Trump said on Thursday he would appoint billionaire Elon Musk to head a government efficiency commission if he wins the U.S. presidential election, in a wide-ranging speech where he unveiled several economic proposals.

In a speech at the Economic Club of New York, the former president also proposed to cut corporate tax rates for companies that manufacture domestically, start a new sovereign wealth fund, and create “low-tax” zones on federal lands to encourage the construction of new homes.

According to a Reuters report, Trump had been discussing the idea of an efficiency commission with his aides for weeks. His Thursday speech was his first public endorsement of the idea.

Trump said that the commission would be “tasked with conducting a complete financial and performance audit of the entire federal government and making recommendations for drastic reforms.”

It was also the first time Trump said Musk would head such a body. The billionaire chief of Tesla (NASDAQ:TSLA) and SpaceX (SPACE) said in a post on X that he looked “forward to serving America if the opportunity arises.”

Musk has emerged as one of Trump’s most vocal and prominent supporters this election cycle. He first publicly endorsed Trump on July 13, after the assassination attempt on the Republican’s candidate’s life in Pennsylvania. He has also pledged millions of dollars to a super political action committee that is behind Trump.

On Wednesday, Musk posted a picture on X quoting himself saying that “a Trump victory is essential.”

Last month, Trump told Reuters that if he’s elected, he plans to impose new tariffs on imports of vehicles produced in Mexico by the Detroit Three and others., and would block Chinese automakers from building new plants in Mexico to manufacture cars for the U.S. market.

Corporate Tax Cuts, Housing Plans, Sovereign Wealth Fund

During his speech, Trump also emphasized his plans to slash the corporate tax rate to 15% from 21%, but only for firms that manufacture domestically. He added that he would open federal land to create new housing zones that would be “low-tax” and “low-regulation” to reduce housing costs.

In contrast, Democratic nominee Kamala Harris has proposed giving prospective homebuyers up to $25,000 as part of her economic agenda.

Vice President Harris has proposed to set the capital gains tax at 28%, up from its current level, but lower than President Joe Biden’s proposal of 39.6%.

Trump also suggested the creation of a sovereign wealth fund, partly to fund infrastructure projects. He said that he would rescind unspent funds related to the 2022 Inflation Reduction Act, a key legislative accomplishment for President Joe Biden.

Top Biden aides have been working on a similar proposal to establish a sovereign wealth fund that would enable the U.S. to invest in national security interests including technology, energy, and critical links in the supply chain, Bloomberg reported Friday.

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