The former president has been discussing the idea of a government efficiency commission with aides for weeks, people with knowledge of those conversations have told Reuters. His speech to the New York Economic Club on Thursday, however, was the first time he had publicly endorsed the idea.

It was also the first time Trump said that Musk has agreed to head the body. He did not detail precisely how such a commission would operate, besides saying it would develop a plan to eliminate “fraud and improper payments” within six months of being formed.

“I will create a government efficiency commission tasked with conducting a complete financial and performance audit of the entire federal government and making recommendations for drastic reforms,” Trump said.

Musk said on an August 19 podcast that he had held conversations with the former president about the matter and that he would be interested in serving on the body.

“I look forward to serving America if the opportunity arises,” Musk wrote on X on Thursday.

“No pay, no title, no recognition is needed.”

In his opening remarks, Trump pointed to a number of business leaders in the audience, including JP Morgan CEO Jamie Dimon, Blackstone Group CEO Stephen Schwarzman and his own former treasury secretary, Steve Mnuchin.

Attendees at Thursday’s event also included Cantor Fitzgerald chief executive Howard Lutnick, who serves as co-chair of Trump’s transition team.

On the campaign trail, Trump has frequently blamed Democratic nominee Kamala Harris, the vice president, for the rise in prices of everyday goods during President Joe Biden’s term in office.

While headline inflation has slowed in the past two years, many US consumers are still unhappy with the higher prices they have to pay for food, gas and other goods, according to public opinion polls.

Trump is seen as a more competent steward of the economy by most voters. But his advantage over Harris on the issue is eroding, surveys show.