Trump's White House has directed deep cuts in the budget and staff of independent federal regulatory agencies, including the SEC. The regulator offered $50,000 to many of its employees, encouraging them to resign or retire by March 21.
The Trump administration has also reversed a 15-year-old policy that allowed the SEC's director of enforcement to issue formal orders of investigation. The agency will now require requests for formal orders of investigation to be pitched to and approved by a vote of SEC commissioners, a change likely to slow down probes like the one that led to the SEC's suit against Musk.