Department for Government Efficiency (DOGE), to be led by Elon Musk and Vivek Ramaswamy to assist President-elect Trump’s administration reduce wasteful federal spending could consider streamlining regulatory agencies covering the financial sector.

DOGE announced Thursday that it is opening the application process for workers interested in taking on the cost-cutting efforts, which Musk said will be a “revolution” for curbing waste and fraud in the federal government, though there is still uncertainty with on how much cost reduction it will be able to achieve. DOGE supports direct messaging apps on X, and on Friday allowed all X users to send DMs after previously requesting a $7 per month premium X subscription.

The cost-cutting effort could take a look at regulatory agencies that have overlapping jurisdictions as a means of increasing efficiency and controlling costs, Gary Cohn, former director of the National Economic Council, told FOX Business Network “The Claman Countdown“that two financial regulators could be subject to scrutiny.

“We have a lot of costs in the U.S. government in many different regulatory agencies, regulatory agencies that can overlap,” Cohn said. “The (Consumer Financial Protection Bureau) and (Securities and Exchange Commission) are both regulators for retail investors.”

ELON MUSK SAYS HIS ROLE IN TRUMP’S EFFICIENCY DEPARTMENT ‘WILL BE A REVOLUTION’

Elon Musk, owner of X and CEO of Tesla and SpaceX, will lead DOGE with Vivek Ramaswamy. (Anna Moneymaker/Getty Images/Getty Images)

“Do we need two of them? I’m not saying we don’t, but these are questions that should be asked because at the end of the day, both agencies are very expensive and you have to think about how much it costs. we as the federal government, or its taxpayers, to have those agencies,” Cohn explained. “How are those agencies run? How effectively are they run?”

The CFPB has an annual budget of approximately $800 million and is funded by revenues transferred from the Federal Reserve System. The Securities and Exchange Commission (SEC) has a $2.4 billion budget that is structured to be deficit neutral, with allocated funds offset by transaction fees.

MUSK AND RAMASWAMY’S DOGE OPENS HIRING ON X

Gary Cohn, vice president of IBM, previously served as director of then-President Trump’s National Economic Council in 2017-2018. (Drew Angerer/Getty Images/Getty Images)

Cohn said that improving the technological capabilities of government agencies it will make them work more efficiently and lead to cost savings.

“You will get money by making these organizations more efficient. You’re going to invest in technology, I don’t think the government has invested in a lot of technology, I don’t think there’s a lot of AI. in government, I don’t think there are a lot of high-end computers in government,” Cohn said.

“We will use modern technology to make government more efficient and reduce administrative costs,” he added. “Administrative cost is huge in US government.”

BOX CEO AARON LEVIE Endorsed Harris But Wants Democrats To Back ELON MUSK AND DOGE

Elon Musk speaks in front of Republican presidential candidate former President Donald Trump at a campaign rally at Madison Square Garden in New York on October 27, 2024. (Jabin Botsford/The Washington Post via Getty Images/Getty Images)

Host Liz Claman noted that the arrival the Trump administration plans to use funds saved from spending cuts on things like electric vehicle subsidies to help offset lost tax revenue from planned tax cuts like the Tax Cuts and Jobs Act’s lower rate extension and the broader standard deduction.

Cohn said proposals such as ending tip taxesovertime and Social Security benefits for high earners will be scrutinized in light of their impact on incomes as tax reform plans come together.

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“When you look at the tax code, all of these items that were talked about in the campaign are going to be looked at — what do we do with tips, what do we do with overtime, what do we do with Social Security. If we do this, if we change that, how do we pay the government in all these conversations?