Senior counselor to the Treasury Secretary Joe Lavorgna highlights how President Donald Trump has changed the economy in the first 200 days of presidency on ‘Varney & Co.’
FIRST ON FOX: The Treasury Department and the General Services Administration (GSA) are slated to unveil a new program on Wednesday aimed at cutting wasteful federal contract spending, part of the Trump administration’s broader push to rein in government costs.
The Savings Award for Verified Efficiencies, or SAVE program, gives federal employees a chance to suggest money-saving ideas—such as canceling unneeded contracts, scaling back existing ones, or finding other efficiencies. If their ideas are verified, employees can earn rewards of up to $10,000.
SCOOP: TRUMP ADMIN, OPENAI PARTNER TO UNLEASH AI ON FEDERAL GOVERNMENT
An exterior view of the Department of Treasury in Washington, D.C. (Nicolas Economou/NurPhoto/Getty Images / Getty Images)
“This has been the president’s mandate to us to use common-sense business tactics,” GSA Commissioner Josh Gruenbaum explained to Fox News Digital. “This is going to be very fast and streamlined,” he said, adding that Treasury and GSA will move quickly on payouts once savings are verified.
AGENCY SLASHES BILLIONS IN GOVERNMENT WASTE WITH MOVE TO EXPOSE ‘ABUSE’ OF TAX DOLLARS
Treasury Secretary Scott Bessent described the new program as a “new standard for responsible stewardship of public funds,” adding that it would serve as a model for cost-saving efforts across government.
President Donald Trump, alongside Treasury Secretary Scott Bessent, speaks during a bilateral meeting in the Cabinet Room of the White House in Washington, D.C., on April 24, 2025. (Saul Loeb/AFP/Getty Images / Getty Images)
“We look forward to working with our partners across the Trump administration to ensure that every taxpayer dollar is spent wisely and efficiently,” Bessent wrote in a statement.
The program builds on GSA’s earlier “Defend the Spend” initiative, which identified opportunities for smarter use of contract dollars. Under SAVE, each proposal faces two layers of review.
Treasury’s Office of the Procurement Executive conducts the initial assessment, and GSA then confirms the savings are legitimate, tied to the employee’s actions, and compliant with acquisition rules.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
The General Services Administration headquarters building in Washington, D.C. (Saul Loeb/AFP/Getty Images / Getty Images)
No award moves forward without GSA’s approval, a safeguard meant to ensure transparency and fairness.
If successful, officials say the SAVE model could be expanded across federal agencies, creating a long-term framework for cutting costs and safeguarding taxpayer dollars.
