Decisions at the SEC: Trump Administration Focuses on Staff Cuts

The chairman of the U.S. Securities and Exchange Commission (SEC) recently commented on the White House's demands for comprehensive staff reductions in federal agencies in the event of a possible government shutdown. Although he has not yet reviewed the White House memorandum prioritizing presidential directives in detail, Paul Atkins emphasized that the SEC is by no means inactive and is aligned with President Donald Trump's objectives. The Office of Management and Budget recently released a document outlining the massive elimination of civil service positions in areas that are not aligned with the president's priorities. This is to be implemented if Congress fails to ensure timely funding. Atkins made it clear that the SEC intends to continue performing its duties fully despite the challenges. Under Atkins' leadership, the SEC has experienced substantial voluntary staff reductions. This is intended to align with the White House's calls for downsizing the federal administration, which have led to drastic employee layoffs elsewhere. Simultaneously, the SEC is increasingly involved in supporting the cryptocurrency sector, which has been a focus of the Trump administration, as well as in restraining the enforcement of existing market regulations. As a result, regulations already passed by the previous administration have been deferred.