According to a report from Reuters, the U.S. Securities and Exchange Commission (SEC) submitted a planning document to the White House in March this year indicating that in response to the initiative for a Department of Government Efficiency (DOGE) promoted by President Trump and Elon Musk, the agency has undertaken a "significant" restructuring through voluntary layoffs.

The document notes that any adjustments involving "significant reorganization" must consult with Congress, and changes that exceed specific budget thresholds also require Congressional approval. Dated March 13, this document was obtained by Reuters under the Freedom of Information Act.

To alleviate the pressure of layoffs, the SEC mentioned that in response to a request in February from Trump and Musk for federal agencies to propose a "massive" layoff plan, it submitted a "streamlining and restructuring plan". Although some text was redacted, it is clear from the document that SEC leadership believes that through the voluntary departure measures already implemented, further layoffs could be reduced.

SEC spokesperson declined to comment, reiterating only the public statements from current Chairman Paul Atkins. The OMB has not yet responded to requests for comment. Since Trump took office in January, significant budget cuts have raised concerns among SEC employees regarding political independence and future workforce conditions. Critics argue that workforce reductions during market crises could impact the SEC's performance, but Atkins appears unconcerned about this.

The agency has reduced its total staff to 4,300, the lowest level during Trump's presidency. According to previously obtained information by Reuters, by April, 600 individuals had already participated in the government's voluntary departure program. In its new fiscal year budget request to Congress last month, the SEC proposed maintaining its workforce at approximately 4,100 full-time positions.