SEC to lose about 500 staff through buyouts

The Securities and Exchange Commission (SEC) is set to lose about 500 employees as part of a buyout and resignation offer. This decision comes in response to a $50,000 incentive for employees willing to leave voluntarily. The affected divisions include enforcement, exams, and the office of the general counsel. Some employees may leave immediately, while others could depart later this year. The total number of departing staff represents roughly 10% of the SEC's workforce of about 5,000. Concerns have been raised that the SEC may struggle to manage any future financial crises due to the loss of experienced personnel. To qualify for the buyout, employees must have been with the agency before January 24 and must resign or transfer to another agency. The SEC also plans to cut costs by ending leases for its offices in Los Angeles and Philadelphia. There is also consideration of ending the Chicago office's lease, which could incur a financial penalty. Some experts criticize these cuts, arguing they are inconsistent with the SEC's mission. They highlight that the SEC generates more in fees than it spends on operations.