A US lawmaker wants to strip Securities and Exchange Commission Chairman Gary Gensler of his salary, paying him just $1 a year.
In a proposed amendment to the Financial Services and General Government (FSGG), Rep. Tim Burchett suggested that Gensler’s salary be reduced to $1, as part of a broader proposal to defund the regulator.
First introduced on July 13 this year, the FSGG Bill is a wide-ranging piece of legislation that aims to significantly reduce public spending across the board.
Gensler is estimated to earn more than $300,000 a year for his duties as head of the SEC.
Burchett wasn’t the only lawmaker to attack the SEC, the overall bill aimed at significantly reducing funding for government agencies.
While presenting the bill to the House Rules Committee on November 6, Rep. Steve Womack pointed out that the SEC, among other government agencies, had fallen prey to overregulation and was becoming a financial burden excessive for the government.
Womack said the best solution would be to defund the SEC, to help limit its regulatory “intrusiveness” while forcing the regulator to return its focus to its core mission.
“Specifically, we are disabling Securities and Exchange Commission rules that lack a proper cost-benefit analysis and overall impact analysis.”
“To be clear, the agencies under our jurisdiction perform important functions; however, many deviated from their mandate and the results were a real disservice to the American people,” Womack added.
We are on an unsustainable trajectory.
My bill curbs wasteful spending in Washington to address our dire budget situation. https://t.co/lWgyvHknQQ
– Rep. Steve Womack (@rep_stevewomack) November 6, 2023
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This is not the first time that Gensler and his agency have come under fire from American politicians.
On June 12, U.S. Representatives Warren Davidson and Tom Emmer introduced the SEC Stabilization Act in the House of Representatives, with one of the key provisions of the bill being that which would remove Gary Gensler as chairman of the SEC. DRY.
If passed, the bill would fire Gensler and redistribute the agency’s power between the SEC chairman and commissioners. It would also create an executive director position and add a sixth commissioner to the agency to prevent one political party from holding majority influence.
Davidson and Emmer have long criticized the Gensler-led SEC, with Emmer calling the SEC chairman a “bad faith regulator” and accusing him of “blindly pulverizing the crypto community with enforcement measures while completely missing the truly bad actors.” .
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