March 6, 2025
What happened?
According to unnamed SEC staff members, the Securities and Exchange Commission (SEC) informed employees on March 3, 2025, via email, that the Trump administration is preparing to terminate the building leases for the regional SEC offices in Philadelphia and Los Angeles (here).
The email purportedly highlighted the General Services Administration’s (GSA) efforts to terminate those leases and clarified that these office terminations were not connected to SEC layoffs or staff reorganizations. According to the email, the GSA intends to close the SEC’s Chicago office, but it’s unclear if this can be done without facing heavy financial penalties.
What does this mean for me?
This development is consistent with the Trump Administration’s efforts to cut costs. There is no indication that terminating the leases is connected to any further action by the GSA, nor was there any mention of a reduction of SEC staff. At this time, it’s still business as usual for the SEC, which means compliance programs should keep calm and carry on.
