According to this Reuters article, when it comes to the “Department of Government Efficiency” initiative at the SEC, “Elvis has left the building.” DOGE arrived at the agency in late March, and since then we’ve seen a big reduction in the number of staff at the Commission.

As we discussed at our Proxy Disclosure Conference, it’s too early to tell whether the staffing cuts will affect regulatory initiatives, enforcement, disclosure review, or responses to registration statements. The Reuters article echoes that sentiment – here’s an excerpt:

Critics said DOGE’s work at the SEC marked a new level of White House involvement at an agency conceived by Congress to operate independently of the executive.

It was unclear how much of DOGE’s efforts would have a lasting imprint on the SEC. As part of the DOGE initiative, the agency offered several rounds of buyouts, resulting in deep cuts to the workforce at a time of market turbulence and dealmaking by the president.

DOGE also planned a restructuring of the agency’s IT functions and sought to influence regulations on blank-check companies and confidential reporting by private investment funds.

– Liz Dunshee