Paul Atkins, President Donald Trump’s nominee to lead the U.S. Securities and Exchange Commission, told lawmakers on Thursday he would work with Elon Musk’s Department of Government Efficiency or others engaged in cost-cutting efforts at the Wall Street regulator.
Atkins told the Senate Banking Committee that he would “definitely” work with Musk’s task force and would support efforts to streamline the agency, which is already facing significant reorganization and a shrinking staff.
“If there are people who can help with creating efficiencies in the agency or otherwise, I would definitely work with them,” he said in response to a question about the DOGE task force. “We’ll be looking at things going on at the commission right now to make sure taxpayer funds are being used properly.”
A well-known Washington lawyer with extensive business ties, Atkins faced questions from Democrats about potential conflicts of interest and his support for deregulation. He appears unlikely to face serious obstacles to confirmation, however, according to analysts.
“We will increase the morale of the agency, cure some of the dysfunction that’s there … and get back to work and get back to basics of its mission,” he said.
The SEC is facing an unprecedented exodus, with upwards of 600 staff due to leave the agency by early April, according to people with knowledge of the matter. The SEC is facing the potential loss of 12% or more of its workforce under voluntary buyout programs.
Senator Elizabeth Warren, the top Democrat on the Senate Banking Committee considering his nomination, said it would be “very dangerous” for Atkins to lead the agency, citing his support for deregulation as an SEC Commissioner prior to the 2008 financial crisis.
In his prepared testimony, Atkins told lawmakers he would prioritize a “firm regulatory foundation” for cryptocurrency, and prevent “overly politicized” regulations from stifling free enterprise.
He was also pressed by Warren on his private sector work, and whether it could present a conflict of interest. In particular, she chastised him for not disclosing the buyer of his consulting firm, Patomak Global Partners. Atkins said he adhered to all federal ethics standards, but Warren said the purchase could amount to a “pre-bribe” for an incoming SEC chairman.
Through his consultancy, Atkins served a roster of major clients, including some that have been the targets of SEC enforcement.
In his financial disclosure, Atkins said he was prohibited from identifying several clients due to laws and regulations in Ohio, Utah and Australia, among others. He has disclosed a family fortune of more than $328 million, about 90% of which is held by his wife, Sarah Atkins, whose family helped found a building supply company.
Jonathan Gould, Trump’s nominee to supervise the largest U.S. banks as comptroller of the currency, also testified, along with Luke Pettit and Marcus Molinaro, Trump’s picks for senior roles at the Treasury and Transportation departments, respectively.
If confirmed to lead the Office of the Comptroller of the Currency, Gould would be charged with monitoring national banks, which include the eight “too big to fail” giants. He previously served as the agency’s general counsel, and has expressed support for allowing banks to engage more directly with the crypto industry.
“I believe that many of these activities are clearly legally permissible,” he said, adding if confirmed he would prioritize “determining ways constructively in which these activities that are lawful can be done in a safe and sound fashion.”
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