President Ronald Reagan created the efficiency-minded Grace Commission in 1982, promising that it would “drain the swamp.” President Bill Clinton established the National Partnership for Reinventing Government in 1993 with the goal of making the government “work better, cost less, and get results Americans care about,” keeping it active until 1998.

Headed by Elon Musk and Vivek Ramaswamy, the body announced by Trump would operate outside government and provide advice to the White House on cutting spending.

The move comes after Musk became one of Trump's staunchest supporters, and biggest financial backers, during the last stage of his presidential campaign

President-elect Donald Trump and Elon Musk have big ambitions for making the federal government leaner and more efficient by reviewing its budget and operations from top to bottom.

Trump has given two entrepreneurs a mission to make the government more efficient. It's unclear how Elon Musk and Vivek Ramaswamy would accomplish that.