- Starting Thursday, the Securities and Exchange Commission will have a “very limited number of staff” available to respond to emergency situations.
- In a full shutdown, the SEC plans to place about 94% of its staff on furlough.
- Across the government, about 800,000 federal employees are affected, with 420,000 essential employees forced to work without pay and 380,000 employees placed on furlough.
The partial government shutdown begins to impact the Securities and Exchange Commission on Thursday.
The SEC will have a “very limited number of staff” beginning Thursday, according to the agency’s website. Certain systems,such as company filings, will operate during the shutdown, and the SEC “will be able to respond to emergency situations involving market integrity and investor protection, including law enforcement.”
Within the SEC’s divisions of corporation finance and investment management, some staff will be available to answer questions about fee calculations for filings during the partial shutdown, but they will not respond to other questions.
The SEC has about 4,400 employees. In the event of a full shutdown, about 110 would stay for law enforcement-related activities and another 175 would remain for security, according to the agency’s shutdown plans last month. In total, about 94% of SEC employees would be furloughed.
The partial shutdown has resulted in the closing of nine federal agencies, leaving hundreds of thousands of federal government employees without pay. According to a research memo prepared by congressional Democrats, roughly 800,000 federal employees across agencies are affected by the shutdown, during which 420,000 employees will have to work working without pay, with the remainder on furlough.
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