Treasury Layoffs Part of Broader Federal Cuts

The U.S. Treasury Department is preparing to lay off a significant number of employees as part of a broader federal workforce reduction led by the Department of Government Efficiency (DOGE), influenced by Elon Musk. This action aligns with President Trump's executive order to streamline government operations, leading to job cuts across several federal agencies. Trevor Norris, the Treasury's deputy assistant secretary for human resources, mentioned that layoffs would be implemented through reductions in force, primarily affecting newer hires. A temporary restraining order has been issued by courts due to legal challenges from state governments. The department is still finalizing plans and considering reversing recent hiring increases to improve efficiency. These developments occur amid broader governmental restructuring, with workforce reductions also occurring at the SEC and SBA.