President-elect Donald Trump named tech billionaire Elon Musk and conservative activist Vivek Ramaswamy on Tuesday to head up a new Department of Government Efficiency, fulfilling a campaign pledge to give Musk sweeping oversight of government spending.

Trump, in a statement posted to social media, said the department will help to “dismantle Government Bureaucracy” and slash excess regulations. The name of the agency, DOGE for short, is a reference to a popular internet meme and