Report: SEC Offering Eligible Employees $50,000 to Resign or Retire
The Securities and Exchange Commission (SEC) is reportedly participating in the Trump administration’s effort to reduce the size of the federal government by offering eligible Commission employees a $50,000 incentive to resign or retire.
The voluntary separation incentive or voluntary early retirement program is being offered to eligible employees who resign, transfer to another agency or immediately retire, Bloomberg reported Monday (March 3).
It was reported Feb. 13 that mass government layoffs had begun under the White House’s plan to shrink the federal bureaucracy.
At that time, the layoffs had primarily targeted recently hired workers still on probation, at agencies including the Department of Education, the Small Business Administration (SBA), the Consumer Financial Protection Bureau (CFPB) and the General Services Administration (GSA).
While some agencies are shrinking, others are on the chopping block altogether.
It was reported Friday (Feb. 28) that several federal employees said in statements submitted for a lawsuit that the new leadership of the CFPB plans to wind down the agency and fire most of its employees, with only five statutorily mandated positions remaining.
A lawsuit brought by the CFPB’s union aims to stop the agency’s firings that already impacted about 200 probationary and term employees.
U.S. Treasury Secretary Scott Bessent told Fox News Feb. 18 that the government cost-cutting effort had found $50 billion in savings at that point and could ultimately lead to “several percent of GDP that we are saving.”
At that time, it was reported that the efforts of the Department of Government Efficiency (DOGE) had helped bring about hundreds of thousands of government layoffs.
Last week was another partly manic week in Washington, D.C., from a financial services perspective, PYMNTS CEO Karen Webster and former U.S. assistant secretary of the treasury and current partner at QED Investors Amias Gerety said Monday.
“I would say there’s a lot of centrist businesspeople who really want to believe that not everything is getting destroyed and that this will sort of settle down,” Gerety said. “It’ll be basically business as usual, and I’m hopeful of that as well. But again, we need to start seeing evidence of that.”
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