Former President Donald Trump announced a bombshell new shakeup to the entire Executive Branch on Thursday — he vowed to create a new Cabinet position focused directly on reducing the cost of living if elected, part of his campaign’s push to address voter concerns about inflation.
“I will create a new Cabinet position for a senior member of my administration who will be tasked exclusively with doing everything in the federal government’s power to reduce the cost of living,” Trump said at a campaign rally in Albuquerque, New Mexico.
Trump also promised immediate executive action on regulations to reduce costs.
“On Day One, I will sign an executive order directing every federal agency to immediately remove every single burdensome regulation driving up the cost of goods,” he said.
While presidents cannot eliminate federal regulations through executive order alone, they can direct agencies to reconsider existing rules or pause unfinalized regulations.
The announcement follows earlier discussions about Tesla CEO Elon Musk potentially serving as “secretary of cost-cutting.”
Trump told Fox News two weeks ago Musk couldn’t take a formal Cabinet role because of his business empire — but would work closely with him. Transition chair Howard Lutnick confirmed to CNN that Musk would need to divest to serve.
The proposal comes as Harris, Trump’s 2024 rival, pledged in August to “take on the high costs that matter most to most Americans” and combat price gouging in food industries.
Trump did not name potential candidates for the new Cabinet position.