SEC plans to eliminate regional office positions as part of cost-cutting measures

The U.S. Securities and Exchange Commission (SEC) has announced that it will appoint Regional Office Directors as part of a cost-cutting initiative.
It has been learned that the company plans to abolish the "Directors" position.
On the 24th (local time), Reuters, citing two people familiar with the matter, said the SEC had notified the heads of 10 regional offices across the country that their positions would soon be eliminated.
The SEC is expected to formally submit its plan next month. However, the report said that the regional offices themselves will not be closed. The SEC will notify the public in June 2023.
The SEC cited a staff exodus as the reason for the shutdown, but this comes after a federal court in the US indicted cryptocurrency firm DEBT.
The move came one week after the SEC fined Box $1.8 million for egregious conduct. Two SEC lawyers who handled the case said in April of that year that
The move is linked to President Donald Trump's government restructuring initiative, which aims to cut federal spending. President Trump has been promoting the "Government Efficiency" initiative, led by Elon Musk.
The government is working with the Department of Global Economics and Geography (DOGE) to dramatically reduce government staffing and resources.