It’s not the first time a president has empowered a business tycoon to look for ways to dramatically cut federal regulations.

Jimmy Fallon joked about President-elect Donald Trump’s decision to install billionaire Elon Musk as the head of a new non-governmental unit that will seek to nix red tape and public spending. Musk’s job-share with former GOP presidential nominee Vivek Ramaswamy in the so-called Department of Government Efficiency aims “to help cut wasteful government spending,