(NEXSTAR) – Elon Musk and Vivek Ramaswamy will join forces to lead a newly formed Department of Government Efficiency (or DOGE, for short), President-elect Donald Trump announced. But what will the department do?

Named in an apparent nod to the meme cryptocurrency dogecoin, DOGE is not actually a government agency. Instead, it will work outside the government to "dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies," Trump said in a statement.

The specifics of how the department will operate aren't yet known, but it's clear its two leads, Musk and Ramaswamy, will wield influence under the Trump administration, partnering with the Office of Management and Budget and advising the president.

© The Hill