DOGE News: SEC Plans to Eliminate Regional Office Directors Amid Cost-Cutting Measures
| Download App for Android | Download App for iOS |
| Start Trading DOGE on BTCC Today! <<<< | |
In a recent development that may have indirect implications for the cryptocurrency market, the US Securities and Exchange Commission (SEC) has announced plans to cut costs by eliminating the roles of its regional office directors. Here`s a closer look at the situation and its potential impact.
SEC to Axe Regional Office Directors Amid Cost Cutting: Report
The US Securities and Exchange Commission (SEC) is reportedly planning to cut its regional office directors as part of government cost-cutting measures. On Feb. 21, the SEC informed the directors of its 10 offices across the country that their roles would be eliminated in a plan to be filed next month. The report noted that there are no plans to close the regional offices themselves. The SEC had previously shuttered its Salt Lake City hub in June due to significant attrition. Additionally, the SEC was fined $1.8 million by a local federal judge for its conduct toward a crypto firm. No mention of specific coins or exchanges in the report.
DOGE Job Cuts Could Reach One Million, Economist Predicts
Torsten Sløk, chief economist at Apollo Global Management, predicts that layoffs from Elon Musk’s Department of Government Efficiency (DOGE) could hit one million jobs. He warns that early estimates of 300,000 layoffs fail to account for the broader impact on federal contractors. Sløk explains that for every federal employee, there are two contractors, suggesting that layoffs could potentially be much higher. President Donald Trump and Musk continue pushing for major spending cuts in government contracts and grants.
DOGE Reveals Agency Efficiency Leaderboard and Cost-Cutting Efforts
The Department of Government Efficiency (DOGE) has introduced a competitive ranking system showcasing federal agencies` cost-cutting efforts. The leaderboard ranks the Department of Education (ED) highest in savings, followed by GSA, EPA, DOL, and OPM. Doge claims to have terminated over 2,200 contracts and saved $65 billion in wasteful expenditure.
