U.S. Senators Elizabeth Warren and Mark Warner have called for an investigation by the Government Accountability Office (GAO) into activities by Elon Musk's Department of Government Efficiency (DOGE) at the Securities and Exchange Commission (SEC). The call comes after the revelation that DOGE staff are joining the SEC, amid concerns of recent staff departures and canceled contracts.
In a letter addressed to GAO Comptroller Gene Dodaro, Senators Warren and Warner expressed their concerns about potential harm to American investors due to these changes. The letter follows a Senate Banking Committee hearing where there were discussions about SEC Chair nominee Paul Atkins and issues related to the 2008 financial crisis and financial conflicts of interest.
"The SEC is the nation’s primary enforcer of securities laws and works to ‘protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation’... Given the importance of the SEC, we are concerned by recent reports regarding the Trump Administration’s efforts to shrink the agency in the name of government efficiency," the Senators stated.
The Senators highlighted reports of a "staff exodus across key departments," noting that over 600 SEC employees, or about 12% of the agency’s staff, have voluntarily left due to DOGE-driven efforts to reduce the federal workforce.
"It is essential that Congress and the public understand how the Trump Administration’s recent actions have affected the SEC’s ability to carry out its mission and statutory obligations," the letter continues, urging the GAO to review actions at the SEC since January 20, 2025.