SEC faces significant staff departure; over 600 resign

The U.S. Securities and Exchange Commission (SEC) is experiencing a significant staff exodus. This is happening as over 600 employees, including some senior staff, have agreed to take resignation offers. These departures come in the wake of President Donald Trump and Elon Musk's efforts to reform the federal government. The SEC's ability to regulate markets and protect investors could be weakened by these departures, according to sources. The voluntary resignations began in January, with the agency facing pressure to reduce its workforce. The latest offers will end on Friday. Estimates suggest that these resignations could account for more than 12% of the SEC's workforce. Key departments affected include the Division of Enforcement and the Office of General Counsel. With the deadline approaching, the number of resignations may increase. Some employees may reconsider their decision to leave, and there are indications that not all departures are linked to the incentive programs. The Trump administration is encouraging these resignations by offering financial incentives for early retirement or resignation. SEC staff are hoping these measures will limit pressure for further layoffs. The changes at the agency began with Acting Chairman Mark Uyeda and are expected to continue as Trump's nominee for chairman, Paul Atkins, prepares to testify before Congress next week.