The U.S. Securities and Exchange Commission plans to remove the top leaders at regional offices across the country as part of its cost-cutting recommendations to the Trump administration, according to two sources familiar with the matter.

The U.S. Securities and Exchange Commission plans to lay off the top leaders at regional offices across the country as part of its cost-cutting recommendations to the Trump administration, according to two sources familiar with the matter.

The agency informed its regional directors Friday that their roles would be removed, following the submission of its plan next month. The decision to eliminate the regional director roles, however, requires approval from a three-person commission within the SEC.