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Republican presidential candidate Donald Trump announced on Thursday that if he wins the November 5 election, he plans to create a government efficiency commission led by billionaire Elon Musk. According to sources familiar with Trump’s discussions, this idea has been in the works for weeks, but Thursday's speech to the Economic Club of New York marked the first time Trump publicly proposed it.It was also the first time Trump revealed that Musk had agreed to head the commission. "I will establish a government efficiency commission tasked with conducting a complete financial and performance audit of the federal government and making recommendations for significant reforms," Trump said.Musk, on an August 19 podcast, mentioned he had discussed the concept with Trump and expressed interest in being part of the initiative. He later confirmed his willingness on X, saying, "I look forward to serving America if the opportunity arises."During his speech, Trump acknowledged business leaders in the audience, including JP Morgan CEO Jamie Dimon, Blackstone Group CEO Stephen Schwarzman, and former Treasury Secretary Steve Mnuchin. Also in attendance was Howard Lutnick, CEO of Cantor Fitzgerald, who serves as co-chair of Trump’s transition team.Throughout his campaign, Trump has frequently criticized Vice President Kamala Harris, the Democratic nominee, for the increase in prices during President Joe Biden’s administration. While inflation has slowed over the past two years, polls indicate many Americans remain dissatisfied with the costs of essential items such as food and gas. Although Trump is still seen as more capable on economic issues than Harris, recent surveys suggest that gap is narrowing.