With a potential government shutdown looming, employees at the Securities and Exchange Commission (SEC) have been told not to panic about mass layoffs.
Greg Gilman, head of the SEC employees’ union, sent an email to staff saying preparations for a shutdown mirror those taken in previous episodes.
“There is no reason at present for SEC employees to be anxious that a shutdown at the SEC would be different than past shutdowns have been, or that it would result in a [further] reduction in our staff,” he wrote.
Gilman’s message was aimed at reassuring workers who are nervous about losing their jobs as federal budget talks stall.
White House Push for Staff Cuts Raises Anxiety
The union’s statement came just days after the White House warned that agencies may face deep staff cuts if government funding runs out.
A memo from the Office of Management and Budget asked departments to identify employees whose positions would not be funded during a shutdown and who fall outside the administration’s top priorities.
SEC Chairman Paul Atkins said he had not yet reviewed the memo but believed the agency was working to align with presidential priorities.
Previous Cuts Heighten Concerns
The SEC has already lost between 15% and 19% of its workforce across divisions under recent government directives to trim staff.
Adding to the uncertainty, the agency recently rolled out another buyout program aimed at supervisors, further unsettling employees.
Given these recent measures, many staffers are worried that a shutdown could be used as an opportunity to implement additional cuts.
Union Emphasizes Continuity
Gilman stressed that current preparations follow the same pattern as past shutdowns and that there is no evidence of a larger plan to reduce headcount.
His reassurance was designed to stabilize morale as the agency faces operational and budgetary strain.
What’s at Stake for the SEC
Employees are concerned not only about temporary furloughs but also about the possibility of permanent job losses if funding shortfalls drag on.
While the union’s message provided some comfort, the broader environment of budget cuts and shifting priorities continues to create unease within the agency.
The SEC must balance its regulatory obligations with federal directives to limit spending, all while maintaining key functions for financial markets.
Outlook
If Congress does not pass a funding bill, the SEC could see disruptions, though union leaders insist staffing impacts should resemble those of prior shutdowns.
For now, the agency is trying to reassure its workforce, even as outside pressure mounts and employees brace for potential turbulence.