NEW YORK — On September 5, Republican presidential candidate Donald Trump announced plans to create a government efficiency commission led by billionaire supporter Elon Musk if he wins the November 5 election. During a speech at the New York Economic Club, Trump outlined his economic vision, which includes slashing corporate tax rates for domestic manufacturers, establishing "low-tax" zones on federal lands to encourage homebuilding, and initiating a sovereign wealth fund.

Trump, who had previously discussed the efficiency commission idea with aides, publicly endorsed it for the first time in his speech. He revealed that Musk had agreed to lead the commission, although specifics about its operation were not provided. The commission is expected to focus on eliminating "fraud and improper payments" within six months of its formation.

Musk expressed his willingness to join the commission on social media, stating he was open to serving without pay, title, or recognition. Critics, including Everett Kelley from the American Federation of Government Employees, have condemned the proposal, suggesting it could undermine the nonpartisan civil service.

Trump also reiterated his plan to cut corporate tax rates to 15% for domestic manufacturers and to open federal lands for homebuilding, aiming to reduce housing costs. He proposed creating a sovereign wealth fund for infrastructure projects and vowed to rescind unspent funds from the 2022 Inflation Reduction Act. Additionally, Trump mentioned issuing a national emergency declaration to expedite new energy projects and proposed banning mortgages for illegal migrants in California.

Trump’s housing plan contrasts sharply with Vice President Kamala Harris's proposal for a US$25,000 credit for first-time homebuyers, which critics argue could increase housing prices. Trump's plan might face environmental opposition and concerns about demand in rural areas.

Trump also stated he would use economic sanctions more selectively to avoid jeopardizing the dollar's global reserve status, a shift from his previous administration’s broader use of sanctions. Critics, including Harris's policy adviser Brian Nelson, argue that Trump's economic proposals could worsen national debt and inflation. Despite a narrowing lead in economic competency polls, Trump needs Republican control of Congress to implement his agenda effectively.

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