Investing.com -- The Trump administration is planning to terminate building leases for the U.S. Securities and Exchange Commission’s (SEC) regional offices in Los Angeles and Philadelphia, according to Reuters, citing an internal email. The SEC assured its staff that this decision is not related to any staff reorganizations or layoffs.

The General Services Administration (GSA), the body responsible for managing U.S. government office space, is leading the efforts to end these leases. In addition to Los Angeles and Philadelphia, the GSA also intends to terminate the lease of the SEC’s Chicago office. However, this move might not be possible without significant financial penalties, as indicated in the email.

The SEC has declined to comment on the matter at this time.

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