The Trump administration's dismantling of the federal government is coming for yet another federal department.
The U.S. Department of the Treasury plans to lay off a "substantial number" of workers as Elon Musk's Department of Government Efficiency continues to overhaul the federal government, Bloomberg reported Tuesday.
The Treasury is finalizing its layoff plans, according to the report, which “will be tailored for each bureau, and in many cases will require separations of substantial numbers of employees through reductions in force (RIFs)."
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Treasury is a crucial executive agency tasked with promoting economic prosperity and ensuring financial security. Among the oldest departments — founded in 1789 — the Treasury aims to maintain a strong economy, create economic and job opportunities, and enhance national security by protecting the financial system.
The agency employs more than 100,000 people nationwide, including in the IRS, Bureau of the Fiscal Service, U.S. Mint and Office of the Comptroller of the Currency.
DOGE is tasked with slashing trillions of dollars out of the federal government.