On March 5th, 2025, he was Headquarters of the Securities and Exchange Commission (SEC) in Washington, DC.
Leslie Josephs | CNBC
Top Wall Street regulators have been facing staff departures across key sectors as hundreds have agreed to offer to resign amid efforts by President Donald Trump and Elon Musk to remake the US government, five people familiar with the issue told Reuters.
The departure from the Securities and Exchange Commission by senior staff and executive counsels could significantly hinder the efforts of watchdogs to police the market and protect investors, sources said. The exit comes from Trump and Musk’s efforts to cut the federal workforce.
Since the White House began offering voluntary departures across civil servants in January, more than 600 people have agreed to leave the SEC, two sources say they have first-hand knowledge, and the two explained the issue. Friday is the deadline for the SEC’s latest resignation incentive program.
Until March 13, Trump gave the agency an agency to develop a plan for a second wave of massive layoffs as part of his quick efforts to rebuild and reduce the federal government.
According to the overall staff count included in the Congress’s latest budget report, estimates that over 12% of SEC staff had voluntary departures.
A SEC spokesman declined to comment. Reuters could not determine exactly when those people would leave the agency.
The White House and Musk spokesman did not respond to requests for comment.
The agency’s biggest hit areas include the executive department and its general counsel office, two sources said.
Some departures may be unrelated to voluntary measures, and some who have offered to resign may change their minds, one said. Employees will need to sue their resignation until the end of Friday. This means that the number will definitely increase.
The Trump administration has offered to pay staff to retire early or resign in order to encourage cuts in the workforce. Some people in the SEC hope that the incentive will reduce calls from masks or Trump for large-scale layoffs at agencies, one of the sources said.
The effort began under Republican Chairman Mark Weda. The effort began even before Paul Atkins’ arrival, where candidates for his alternative, Paul Atkins, are scheduled to testify before Congress next week.
SEC ranks and files have already faced priorities in recent weeks, changing, reorganising, possible office closures and shifting priorities.
