If you doubt that President Donald Trump is successfully trashing the administrative state, consider a rule change that the Securities and Exchange Commission announced with little fanfare that took effect on October 2. Under the new rule, the SEC, which effectively until now has required a quorum of three to conduct business, will now require a quorum of only one.

At the moment, the SEC has two commissioners, both Republican. These are the Trump sycophant Paul Atkins, who serves as the SEC chairman, and the reliably pro-business Mark Uyeda, whom Trump appointed acting chairman before Atkins took office in April 2025. During Trump’s first term, Jim Chanos, a billionaire investment manager who predicted a year in advance the collapse of Enron, pronounced that America had entered “the golden age of fraud.” That was premature. In his second term, Trump is much more energetically pardoning financial fraudsters, and his SEC is more aggressively reducing transparency and slashing enforcement.

Even in the best of times, Republican administrations are much less keen than Democratic ones to enforce the nation’s securities laws. But Trump is taking moral laxity to stratospheric new levels. Perhaps Trump became more hospitable to white-collar felons after becoming one himself. Perhaps Trump is neutering the SEC so he doesn’t have to look over his shoulder whenever he trades stocks on insider information or uses his office to reward investors in his crypto business. Whatever the motive, going forward, our unitary executive will be able to indulge financial criminality more freely with a unitary SEC.

A quorum of one. Not sure what the point of a quorum even is in this case.