Paul Atkins, the chairman of the U.S. Securities and Exchange Commission (SEC), testified before the House Appropriations Subcommittee on Financial Services and General Government on May 20, 2025. Atkins addressed the agency's recent 15% reduction in workforce, attributing the decline to voluntary buyouts and early retirement incentives, and assured that despite the staffing cuts, the SEC remains capable of effectively overseeing public company auditors and policing the markets. He also indicated that some lost expertise will need to be replaced. Atkins described the current period as a "new day" for the SEC, signaling potential changes under his leadership. However, the commission's sole Democrat cautioned that the new leadership's approach could risk triggering a financial crisis similar to that of 2008. Concurrently, the House Appropriations Committee held an oversight hearing on the Federal Communications Commission (FCC), with Chairman Brendan Carr testifying about the Trump administration's efforts to secure and develop America's communications infrastructure. Carr's hearing also touched on an ongoing investigation into NBC's compliance with the equal time rule, despite Carr having known since November that NBC had complied. Separately, Senator Ron Johnson announced he would hold his first hearing as Chairman of the Permanent Subcommittee on Investigations on May 21, 2025.