Former President Donald Trump announced on Thursday that he plans to establish a new Cabinet position focused on reducing the cost of living if he is elected to a second term in the White House.

He made this announcement as part of a “new step” aimed at providing “emergency price relief to all Americans” while speaking at a rally in Albuquerque, New Mexico, just days ahead of Election Day, the Daily Wire noted.

“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.

Trump also said he would sign an executive order on “day one” that would direct every federal agency to “immediately remove every single burdensome regulation driving up the cost of goods.”

The pledge comes as voters have consistently rated the economy and concern over personal finances their top issues this election cycle.

Trump’s 2024 rival, Vice President Kamala Harris, said in August that she would “take on the high costs that matter most to most Americans” but would do so by going after grocery chains after accusing them of price-gouging. Industry experts say that food store chains only operate on small profit margins of about 3.5 percent; forcing them to reduce their prices would wind up driving many of them out of business.

Earlier this week, Trump announced a plan during a press conference at his Mar-a-Lago club in Florida to confiscate assets from criminal gangs and drug cartels and redirect those resources to a compensation fund for victims of migrant crime.

Elon Musk, the owner of X and other companies like Tesla and SpaceX, has indicated that he could assist Trump in a second term by ensuring that taxpayers’ money is spent efficiently by the federal government.

Trump told Fox News two weeks ago that Musk wanted to be his “secretary of cost-cutting,” though he suggested the role would not be a formal Cabinet position because of the tech entrepreneur’s vast business empire.

“He wants to be in charge of cost-cutting,” Trump said. “We’ll have a new position, secretary of cost-cutting, okay? Elon wants to do that. He’s running a big business. He can’t just say, I think I’ll go into the Cabinet. Other people can, he can’t.”