The Department of Government Efficiency has now brought its efforts to downsize the federal government to the Securities and Exchange Commission, reports Advisor Hub .
Advisers with DOGE, which is led by Elon Musk, came to the agency recently to begin looking for ways to cut costs. The development was disclosed in communications sent by the SEC to staff members and reviewed by Bloomberg News. SEC staffers were instructed to treat the DOGE workers as internal employees.
The message also said that SEC has designated an internal team to work with DOGE that includes the offices of the chief operating officer, the general counsel, human resources and enforcement.
“Our intent will be to partner with the DOGE representatives and cooperate with their request following normal processes for ethics requirements, IT security or system training, and establishing their need to know before granting access to restricted systems and data,” the staff email stated.
“In compliance with the president’s Executive Order establishing DOGE, the SEC is beginning to onboard members of the team,” an agency spokesperson said.
As part of the cutbacks at the SEC, the commission’s workforce is being reduced by at least 500 staffers, approximately 10% of its 5,000 employees, who have taken buyouts or retirement offers.
Last month, the SEC offered some employees $50,000 if they choose to resign or to retire under an early retirement program. To qualify for the buyout offer, employees must have been on the agency’s payroll before Jan. 24. They must voluntarily leave through resignation, transfer to another agency or immediate retirement. If they accept a voluntary separation agreement and return to the SEC within five years, they must pay back the incentive in full.
Of the 500 who are agreeing to leave the agency, some of the more significant departures are expected to come from the divisions of enforcement, exams and the office of the general counsel.
The SEC has also fired the top directors at its10 regional offices around the nation, and informed staff of plans by the General Services Administration to terminate building leases for its regional offices in Los Angeles and Philadelphia.
Last week, U.S. Senators Elizabeth Warren (D-MA) and Mark Warner (D-VA) asked the Government Accountability Office to investigate recent activities by the DOGE team at the SEC, saying they are seeking answers about any potential harms to American investors as a result of recent large-scale staff departures, cancelled contracts, and onboarding at the SEC by DOGE staff.
President Trump’s nominee to lead the agency, Paul Atkins, was confirmed by the Senate on Wednesday by a 52-44 vote. He previously told Congress he would be willing to work with Musk’s team on “efficiencies” at the agency if confirmed. The SEC was being run until now by its acting Chairman Mark Uyeda.
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