US SEC to keep Los Angeles and Philadelphia office leases, memo says

By Chris Prentice

NEW YORK, Aug 26 (Reuters) - The Trump administration will keep the U.S. Securities and Exchange Commission's current office spaces in Los Angeles and Philadelphia, the SEC said in an email seen by Reuters, reversing an earlier plan to terminate the office leases.

In a memo sent to staff dated August 25, SEC Chairman Paul Atkins said the General Services Administration, which is generally charged with managing U.S. government office space, had reached a deal with the landlords to keep the SEC in its current offices in those cities.

"I appreciate GSA's partnership in ensuring the SEC has appropriate, cost-effective space to meet its mission in these locations and around the country," Atkins said in the email, which was seen by Reuters.

The memo did not elaborate further on the decision, and neither SEC nor GSA responded to requests for comment.

The GSA's plan to terminate the SEC leases came at a time of upheaval at the agency and across the federal government, as the Republican President Donald Trump's Department of Government Efficiency looked to slash costs. The effort sparked months of chaos and has been largely seen as falling far short of its goals.