Hundreds of SEC staffers have agreed to voluntarily leave the agency, according to three people familiar with the matter, an exodus that stands to substantially shrink the ranks of the top Wall Street regulator.
Voluntary Departures at SEC
Through a mix of different programs, including the SEC’s recently offered $50,000 buyout, more than 10 percent of the agency’s roughly 5,000-person staff is expected to leave in the coming weeks and months, said the people, who were granted anonymity to discuss the private information.
One of the people said they expect the tally will be close to if not more than 15 percent, or 750 people, as the $50,000 offer is still available to staff who voluntarily resign or retire through the end of Friday.
Government Downsizing Initiatives
The departures are landing in the middle of a sweeping campaign across President Donald Trump’s administration to reduce the size of the federal government through buyout offers, layoffs or shutting down agencies entirely. Last week, federal agencies were required to submit reports laying out their downsizing plans to the White House.
At the SEC, the departures have sparked broad concern among both current and former agency officials who warn that some of the most experienced staffers are leaving after having spent years overseeing the nation’s financial markets. In addition to the personnel changes at the SEC, the Trump administration is moving to shutter the agency’s offices in Los Angeles and Philadelphia, setting off alarms for some congressional Democrats.
Leadership Transition at the SEC
The SEC is currently being led by acting Chair Mark Uyeda, who is filling in until Trump’s pick for chair, Paul Atkins, can be confirmed by the Senate. Atkins is set to appear before lawmakers next Thursday for his long-awaited nomination hearing.
An SEC spokesperson declined to comment. Reuters and Bloomberg reported earlier Friday on the expected departures.
