August 28, 2025
What Happened?
The SEC will not close regional offices in Los Angeles and Philadelphia, as previously reported, news sources say. According to an internal memo from Chair Paul Atkins, the General Services Administration (“GSA”) has renewed both office’s leases, keeping each in its current location.
In March, SEC officials informed employees via email that the Trump administration would terminate leases for the two offices. The email purportedly highlighted the GSA’s efforts to terminate those leases and clarified that these office terminations were not connected to SEC layoffs or staff reorganizations. The latest internal memo does not provide an explanation on the reversal.
What does this mean for me?
Once again, we’re seeing that two things can be true at the same time. The SEC has shed 12-15% of its staff in 2025, yet the regional offices remain open. The Trump administration projects a more “hands off” approach, but Fairview has experienced one of the highest volumes of SEC examinations in recent years. Be on the lookout for our piece on SEC Exam observations in the coming weeks, which will outline trends and key focus areas.
