(Bloomberg) -- The Commodity Futures Trading Commission terminated about a dozen probationary employees this week as President Donald Trump continues his bid to shrink the federal workforce.
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The employees, who include attorneys in the agency’s enforcement and market oversight divisions, received emails notifying them of their terminations, effective immediately, according to people familiar with the matter.
Trump and adviser Elon Musk have pledged to slash the size of the federal government, with the billionaire leading a Department of Government Efficiency effort that has resulted in programs being halted and federal employees terminated.
Depending on the role, probationary employees can include those who’ve been in their positions less than one or two years.
A spokesperson for the agency declined to comment.
The CFTC agency had fewer than 750 employees before the terminations. About 40, or 5%, had been on the job less than a year in 2024, according to Office of Personnel Management data as of March 2024 on DOGE’s website.
The agency regulates the US derivatives market, including futures, swaps and certain types of options. The regulator also investigates and prosecutes commodities fraud and manipulation. It’s anticipated the agency could rise in regulatory prominence, and workload, if Congress grants it authority to oversee digital asset exchanges that trade crypto.
Acting CFTC Chair Caroline Pham had already started restructuring the agency, including separating the Enforcement Division’s task forces into two groups, one focused on complex fraud and another on retail fraud and general enforcement. She also reshuffled many of the agency’s senior staff when she was first named as acting chair.
President Donald Trump earlier this month nominated Brian Quintenz, a former Republican CFTC commissioner, to be permanent chair.
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