As noted in this Reuters article, over 600 of the staffers at the SEC have taken a buyout offer and will be leaving in the coming week or two. Many of these are senior staffers and it’s roughly 12% of the overall staff.
And that’s before the round of mass layoffs that President Trump seeks as federal agencies submitted plans for these layoffs a few weeks ago. After that round of layoffs, the SEC likely will be a different federal agency than the one we have become accustomed to as such a large reduction means the SEC will need to change its processes and priorities. See our blog about “How Will Deep Cuts to the SEC Staff Impact You?” – as well this statement from a group of well-known securities law professors about the impact of a smaller SEC.
Paul Atkins – the nominee for SEC Chair – is slated to testify in Congress this week and likely will be confirmed by the Senate soon…
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