Republican presidential candidate Donald Trump would establish a government efficiency commission headed by billionaire Elon Musk if he is re-elected in the upcoming elections in November, the former US president said on Thursday during a wide-ranging speech.

Trump spoke at the New York Economic Club, laying out his economic plans and reforms for the country if he re-assumes office.

Sources aware of Trump's economic visions told Reuters he has been discussing the idea of implementing an efficiency commission with aides for weeks. The Republican finally addressed the idea of the commission for the first time during his speech, revealing the X founder as its head.

Trump did not provide additional information concerning the operation of the commission, simply stating it would develop a plan to combat "fraud and improper payments" within six months of its establishment.

"I will create a government efficiency commission tasked with conducting a complete financial and performance audit of the entire federal government," Trump told an audience composed of his former Treasury Secretary, Steve Mnuchin, and financiers Scott Bessent and John Paulson.

It was "great to have him as an ally. He's a terrific businessman, and I think the government could become much, much more efficient," Paulson told Reuters concerning Musk's potential role.

Trump's primary economic reform plans

The businessman vowed to reduce corporate tax rates for businesses manufacturing locally, creating "low-tax" zones on federal land that encourage construction companies to build new homes, and launching a sovereign wealth fund.

The corporate tax rate will be cut from 21% to 15% for the companies manufacturing domestically, adding that the new "low-tax" and "low-regulation" housing zones are intended to reduce housing costs by enhancing homebuilding.

During his speech, Trump stated he would ban mortgages for illegal immigrants residing in California based on allegations they were increasing housing costs. However, he did not provide specific details on this imposition.

Trump's housing affordability plan significantly differed from his Democratic counterpart Kamala Harris, who has proposed granting $25,000 credit to first-time homebuyers. This proposition, however, has been criticized by Republicans and some economists claiming this plan will increase housing prices.

The Republican nominee's sovereign wealth fund would, in part, finance major infrastructure projects, adding that he would revoke unspent funds from the 2022 Inflation Reduction Act.

Trump stated he would "issue a national emergency declaration" to facilitate the progress of new energy projects by easing bureaucratic obstacles.

Renowned for his sanctions during his presidential term, Trump pledged to impose punitive economic sanctions on other countries to not threaten its position as the dollar's status as a global reserve currency.

Trump receives backlash on economic agenda

Everett Kelley, president of the American Federation of Government Employees, a union representing about 750,000 federal workers, accused Trump and Musk of aiming to dismantle the nonpartisan civil service, while replacing terminated workers with their allies.

"There's nothing efficient about that," Kelley told Reuters, condemning the former president's economic proposal.

Trump's economic agenda would "explode the national debt" by increasing inflation and eliminating jobs, according to Harris' policy advisor Brian Nelson.

Nelson's statement aligns with the beliefs of many economists concerning Trump's economic proposal. However, they highlighted Republicans' need to retain control of the House of Representatives and the Senate to implement the proposed policy agendas.

Elon Musk offers to serve in Trump administration without pay or title

US billionaire Elon Musk announced on Thursday that he is willing "to serve" the US "without a salary or official title."

This statement comes amid reports that Republican presidential nominee Donald Trump is considering accepting Musk's proposal to create a government efficiency commission if Trump wins the election.

"I look forward to serving America if the opportunity arises. No pay, no title, no recognition is needed," Musk wrote on X.

I look forward to serving America if the opportunity arises.

No pay, no title, no recognition is needed. https://t.co/5PSNtjBQn7

— Elon Musk (@elonmusk) September 5, 2024