Paul Atkins, President Donald Trump’s nominee to lead the U.S. Securities and Exchange Commission (SEC), has reported personal assets worth more than $328 million, held jointly with his wife. This disclosure comes from ethics documents released on Tuesday, according to a Reuters analysis.
Atkins is set to face Senate confirmation hearings on Thursday, nearly four months after Trump selected him to oversee the $120 trillion U.S. capital markets. His nomination comes amid a broader effort by the White House to reduce the federal workforce, resulting in the dismissal of thousands of employees.
The SEC is expected to lose more staff as part of voluntary buyouts offered by the White House. Officials have stated that the agency was already under strain due to staffing shortages.
Atkins, who served as an SEC commissioner from 2002 to 2008, has not yet responded to requests for comment. However, a spokesperson for the Trump presidential transition team confirmed that Atkins is in full compliance with ethics and disclosure regulations.
“If confirmed, Mr. Atkins will consult with the SEC’s ethics officer and adhere to all governing regulations throughout his term,” the spokesperson said.
Atkins has pledged to divest from his risk consultancy, Patomak Global Partners, which he values between $25 million and $50 million. The firm counts several major corporations as clients. Financial disclosures list asset values in ranges, so the total value of the Atkins family’s assets could be as high as $588.8 million.
Atkins’ background in industry defense and his substantial financial portfolio have raised concerns about potential conflicts of interest. Democratic Senator Elizabeth Warren recently asked Atkins for more details about his involvement with the collapsed crypto exchange FTX. Patomak Global Partners is listed as one of FTX’s creditors in bankruptcy filings.
The financial documents also show that Atkins has served as an expert witness for clients targeted by SEC enforcement, such as Virtu Financial and JPMorgan. Representatives from Virtu Financial did not respond to requests for comment, while JPMorgan declined to comment.
A large portion of the Atkins family wealth comes from his marriage to Sarah Humphreys Atkins, whose family helped found the roofing materials supplier Tamko.
Additionally, Atkins disclosed 32 positions in organizations outside the government, including eight family trusts, seven LLCs, and six nonprofits.
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