Will SEC escape RIFs due to large number of exits?

[Anonymous]

I'm at a different FIRREA and my leadership just confirmed (moments ago) that SEC will not be doing a RIF. And by leadership, I mean the Front Office of my agency. So, I think the PP who said no RIF may know what he/she is talking about.

[Anonymous]

Anonymous wrote:I'm at a different FIRREA and my leadership just confirmed (moments ago) that SEC will not be doing a RIF. And by leadership, I mean the Front Office of my agency. So, I think the PP who said no RIF may know what he/she is talking about.

Interesting how you and your other agency heads know this. But not SEC staff. I guess nobody bothered telling those who care the most.

[Anonymous]

The union is saying it, and the leadership may be saying it, but has doge accepted it? We all know that’s the only thing that matters.

[Anonymous]

Anonymous wrote:The union is saying it, and the leadership may be saying it, but has doge accepted it? We all know that’s the only thing that matters.

Also the union doesn't represent BCs and ADs...will the managers be riffed?

[Anonymous]

PP here from the different FIRREA: We were also told by our leadership that the SEC has now clamped down on the "independent" agency aspect, sort of like the Fed. Maybe they saw the success that the Fed was/is having, so they've decided to take this approach. I don't know because I am not in the SEC FO, but those would be the people to ask.

I couldn't answer why it's not coming down. I liaise with someone from the SEC quite a bit, and this person did hear that there is an alternative plan to RIF. People may not like it, as it involves a forced reduction in pay, but people would still be employed. Stay tuned, I guess.

[Anonymous]

Anonymous wrote:

Anonymous wrote:The union is saying it, and the leadership may be saying it, but has doge accepted it? We all know that’s the only thing that matters.

Also the union doesn't represent BCs and ADs...will the managers be riffed?

Managers could always be demoted rather than RIFd.

[Anonymous]

Anonymous wrote:PP here from the different FIRREA: We were also told by our leadership that the SEC has now clamped down on the "independent" agency aspect, sort of like the Fed. Maybe they saw the success that the Fed was/is having, so they've decided to take this approach. I don't know because I am not in the SEC FO, but those would be the people to ask.

I couldn't answer why it's not coming down. I liaise with someone from the SEC quite a bit, and this person did hear that there is an alternative plan to RIF. People may not like it, as it involves a forced reduction in pay, but people would still be employed. Stay tuned, I guess.

Wait what the SEC isn't RIF-ing but now is saying "we're an independent agency, we'll do what we want like the Fed, so we'll reduce pay?" Uh those things don't coincide with each other. We'll do what we want doesn't seem to scream PAY CUTS.

[Anonymous]

Anonymous wrote:

Anonymous wrote:The union is saying it, and the leadership may be saying it, but has doge accepted it? We all know that’s the only thing that matters.

Also the union doesn't represent BCs and ADs...will the managers be riffed?

Good question. Reading project 2025, they really don’t want to cut line staff per se. Rather, they want to cut managers and layers of management. They want a ratio of at least 7-8 staff per manager (currently 4:1). So do the math to see how many managers might be cut.

Hence the elimination of 10 regional managers.

It’s clear where this is heading…

[Anonymous]

The administration has a clear priority for replacing anyone with a say in regulatory matters. I would be very worried.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The union is saying it, and the leadership may be saying it, but has doge accepted it? We all know that’s the only thing that matters.

Also the union doesn't represent BCs and ADs...will the managers be riffed?

Managers could always be demoted rather than RIFd.

Actually this is what the PP may mean who is relaying the pay cut thing - demote people out of management to cut some costs.

[Anonymous]

Anonymous wrote:

I couldn't answer why it's not coming down. I liaise with someone from the SEC quite a bit, and this person did hear that there is an alternative plan to RIF. People may not like it, as it involves a forced reduction in pay, but people would still be employed. Stay tuned, I guess.

If that reduction pay is not tied to relocation benefits for returning to office somewhere with a bloody lower cost of living, I will be a very unhappy camper

[Anonymous]

Anonymous wrote:

Anonymous wrote:PP here from the different FIRREA: We were also told by our leadership that the SEC has now clamped down on the "independent" agency aspect, sort of like the Fed. Maybe they saw the success that the Fed was/is having, so they've decided to take this approach. I don't know because I am not in the SEC FO, but those would be the people to ask.

I couldn't answer why it's not coming down. I liaise with someone from the SEC quite a bit, and this person did hear that there is an alternative plan to RIF. People may not like it, as it involves a forced reduction in pay, but people would still be employed. Stay tuned, I guess.

Wait what the SEC isn't RIF-ing but now is saying "we're an independent agency, we'll do what we want like the Fed, so we'll reduce pay?" Uh those things don't coincide with each other. We'll do what we want doesn't seem to scream PAY CUTS.

So they’re NOT independent when it comes to telework and obey whatever opm says. But they’re suddenly independent when it comes to RIF?

I guess this just a buffet approach to governance?

[Anonymous]

Anonymous wrote:

Anonymous wrote:PP here from the different FIRREA: We were also told by our leadership that the SEC has now clamped down on the "independent" agency aspect, sort of like the Fed. Maybe they saw the success that the Fed was/is having, so they've decided to take this approach. I don't know because I am not in the SEC FO, but those would be the people to ask.

I couldn't answer why it's not coming down. I liaise with someone from the SEC quite a bit, and this person did hear that there is an alternative plan to RIF. People may not like it, as it involves a forced reduction in pay, but people would still be employed. Stay tuned, I guess.

Wait what the SEC isn't RIF-ing but now is saying "we're an independent agency, we'll do what we want like the Fed, so we'll reduce pay?" Uh those things don't coincide with each other. We'll do what we want doesn't seem to scream PAY CUTS.

The issue is that SEC still receives its appropriations from Congress. [That was a huge mistake to let happen.] Anyway, because of the congressionally appropriated funding, SEC will need to show reductions in operational funding. I'm guessing the alternative with the reduction in pay will obviate the need for an agency-wide RIF.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The union is saying it, and the leadership may be saying it, but has doge accepted it? We all know that’s the only thing that matters.

Also the union doesn't represent BCs and ADs...will the managers be riffed?

Managers could always be demoted rather than RIFd.

Actually this is what the PP may mean who is relaying the pay cut thing - demote people out of management to cut some costs.

They do have the ability to demote people up to two levels, and if people refuse they are deprived of severance benefits.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:PP here from the different FIRREA: We were also told by our leadership that the SEC has now clamped down on the "independent" agency aspect, sort of like the Fed. Maybe they saw the success that the Fed was/is having, so they've decided to take this approach. I don't know because I am not in the SEC FO, but those would be the people to ask.

I couldn't answer why it's not coming down. I liaise with someone from the SEC quite a bit, and this person did hear that there is an alternative plan to RIF. People may not like it, as it involves a forced reduction in pay, but people would still be employed. Stay tuned, I guess.

Wait what the SEC isn't RIF-ing but now is saying "we're an independent agency, we'll do what we want like the Fed, so we'll reduce pay?" Uh those things don't coincide with each other. We'll do what we want doesn't seem to scream PAY CUTS.

So they’re NOT independent when it comes to telework and obey whatever opm says. But they’re suddenly independent when it comes to RIF?

I guess this just a buffet approach to governance?

Right? I've been saying this all along. It's the swiss cheese approach to governance.