Biden's last-minute spending spree, including a loan to Rivian, is under scrutiny from Vivek Ramaswamy.

• Vivek Ramaswamy, who is co-leading President-elect Trump's new Department of Government Efficiency with Elon Musk, stated that any "last minute spending spree" under Biden's IRA or CHIPS Act will be subject to special scrutiny.
• He mentioned the recent $6.6 billion loan obtained by electric vehicle manufacturer Rivian Automotive.
• Ramaswamy stated that any evidence of an increase in spending and "dollars out the door" during the final days of Biden's term could be considered "indefensible" and would constitute a "fiduciary breach."

Vivek Ramaswamy, co-lead of the Department of Government Efficiency and former U.S. presidential candidate, has not yet disclosed where the new agency he will run with Elon Musk under President-elect Trump, DOGE, will focus its spending cuts.

The Biden administration's "last minute spending spree" within signature policy measures such as the Inflation Reduction Act and CHIPS Act is an immediate area of focus for him.

Ramaswamy mentioned a recent $6.6 billion loan to an EV manufacturer.

If there is a sudden increase in federal spending, it may be difficult to justify the spending under the current last minute IRA, CHIPS Act, and other federal spending sprees authorized under Biden, according to Ramaswamy at the CNBC CFO Council Summit in Washington, D.C. on Wednesday.

He stated that he believed the $6.6 billion loan to Rivian would not be repaid.

In recent days, Ramaswamy stated that Biden's authorizations could be considered a "fiduciary breach."

The U.S. Energy Department announced on Monday that it plans to loan up to $7.54 billion to a joint venture between Stellantis and Samsung SDI to construct two electric vehicle lithium-ion battery plants in Indiana.

Ramaswamy stated that the situation was fair game for review, likening it to a company terminating its CEO and CFO who approved spending from a term sheet but the funds have not yet been disbursed. He added that the board would review it.

Some of the deals announced by the Biden administration may not be finalized due to insufficient time.

"Ramaswamy stated that anything that occurs during the eleventh hour, midnight-hour spending as a response to the election should be subject to special scrutiny. If it was accomplished by executive power, it can be undone by executive power."

Rivian could not be immediately reached for comment.

Several GOP powerbrokers, including incoming Ohio Senator Bernie Moreno, spoke at the CNBC CFO Council Summit and criticized EV tax credits as "catastrophically stupid."

Ramaswamy emphasized the urgency of the situation for DOGE, as it is set to self-destruct as an agency in 18 months, on July 4, 2026. He stated that DOGE will prioritize its most critical tasks and use "early wins" to establish a solid foundation, before taking a "logical, measured but aggressive" approach to tackling government waste and fraud.

Ramaswamy stated that he opposes the idea of selecting specific individuals three weeks before Jan. 20, the official start date, except for Rivian.