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Investing.com -- The U.S. Securities and Exchange Commission (SEC) informed the White House in March that it has made considerable progress toward achieving President Trump and Elon Musk’s call for a leaner government. This progress has been primarily achieved through voluntary workforce reductions, according to a Reuters report on Monday which cited an internal SEC document.
The SEC also communicated to the Office of Management and Budget that it is legally obligated to consult with Congress before initiating any "significant reorganization". Changes that exceed certain budget limits would require the approval of lawmakers.
The document, which included plans for "reduction in force" and reorganizations, was the SEC’s response to a call from Trump and Musk in February. They urged federal agencies to devise plans for "large scale" cuts as part of the Department of Government Efficiency initiative.
While a significant portion of the document is redacted, the visible sections suggest that the SEC leadership believes that the voluntary reductions already underway could offset the need for additional cuts.