[WASHINGTON] The new head of the US Securities and Exchange Commission told staff on Tuesday the agency has lost 15 per cent of its headcount across offices and divisions and he expects to conduct a “targeted” reorganisation, according to sources familiar with the matter.
Paul Atkins, who was sworn in two weeks ago, said the agency would begin reviewing the SEC’s contracts for business services on Wednesday, especially in information technology, four of the sources said.
The SEC has shed more than 600 staff members through resignation offers as part of efforts to shrink the federal government by President Donald Trump and billionaire adviser Elon Musk’s Department of Government Efficiency.
Atkins did not rule out the possibility of further reductions in headcount, something that has provoked deep unease among SEC staff. He also did not mention Doge, which has been present at the agency since March, they said.
An agency spokesperson said Atkins had told staff a new day was dawning at the SEC which was returning to its core, congressionally mandated mission: “protecting investors; furthering capital formation; and safeguarding fair, orderly and efficient markets.”
The remarks delivered to a packed auditorium at SEC headquarters and billed as a “town hall,” marked Atkins’ first address to all staff and came as Doge has increased its presence at the SEC’s Washington D.C. home office.
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Atkins took no questions, citing the short time since his arrival, according to two of the sources. He also said that the commission’s three other members had been assigned specific duties, according to three sources.
Republican and former acting Commissioner Mark Uyeda would handle relations with the International Organization of Securities Commissions, a standard-setting body while fellow Republican Hester Peirce would continue leading a new crypto task force.
Caroline Crenshaw, the commission’s sole Democrat, was to handle matters involving recent Supreme Court precedent and the use of in-house judges.
The three commissioners did not immediately respond to requests for comment.
The large number of departures left at least some vacancies that need to be filled, Atkins told staff, according to two of the sources. That may provide opportunities for younger staff members. REUTERS
