Former President Donald Trump said Thursday he would create a government efficiency commission to audit the entire federal government, an idea suggested by billionaire Elon Musk, who would lead it.

The commission is the latest attention-grabbing alliance between Trump and Musk, who leads companies including Tesla and SpaceX and has become an increasingly vocal supporter of Trump's bid to return to the White House.

The Republican presidential nominee, speaking to the Economic Club of New York, claimed that in 2022, “fraud and improper payments alone cost taxpayers an estimated hundreds of billions of dollars.” He said the commission would recommend “drastic reforms" and develop a plan to eliminate fraud and improper payments within six months, which he said would save trillions of dollars.

“We need to do it," Trump said. “Can't go on the way we are now.”

Trump also promised to cut 10 government regulations for every new regulation implemented if he's elected in November.

“I look forward to serving America if the opportunity arises,” Musk wrote on X, the social media platform he owns. “No pay, no title, no recognition is needed.”