JPMorgan Chase recently released a report evaluating the U.S. Department of Government Effectiveness (DOGE). The agency, founded by President-elect Donald Trump and led by Elon Musk and Vivek Ramaswamy, aims to streamline federal operations and cut wasteful spending. "On government effectiveness, Trump is expected to pursue an agenda that advocates for reducing red tape. This includes the creation of a new Department of Government Effectiveness," the report notes, adding: "We believe it will be difficult for the department to do so." JPMorgan explains why DOGE may encounter obstacles: "At the end of the day, Congress controls government spending, and DOGE is located outside Congress. The department can make all the recommendations it wants, but in the end it is the typical 60-vote majority in Congress that decides legislative changes."