US Securities and Exchange Commission (SEC) chair Gary Gensler would have his salary slashed to $1 under an amendment to a bill put forward by politician Timothy Burchett.
Burchett’s proposed amendment to the Financial Services and General Government (FSGG) bill comes after it was introduced on July 13 by Representative Steve Womack with a comment that regulatory agencies “have strayed from their mandate.”
“We are on an unsustainable trajectory,” Womack said. “My bill reins in wasteful Washington spending to address our dire fiscal situation. We turn off rulemakings at the Securities and Exchange Commission that lack proper cost-benefit analysis and aggregate impact analysis.”
The bill is part of a broader proposal to defund several government agencies and reduce government expenditure. It also comes in response to concerns around regulatory overreach.
Womack added that while regulators perform important functions, “many have strayed from their mandate and the results have been a true disservice to the American people.”
Gensler currently earns in the region of $300,000 annually. The proposed reduction to the emblematic $1 underscores the determination of some US lawmakers to trim the SEC’s regulatory authority.
We are on an unsustainable trajectory.
My bill reins in wasteful Washington spending to address our dire fiscal situation. https://t.co/lWgyvHknQQ
— Rep. Steve Womack (@rep_stevewomack) November 6, 2023
SEC and Gary Gensler Under Scrutiny From US Lawmakers
It’s not the first time Gensler’s face the ire of lawmakers. Back in June, US Representatives Tom Emmer and Warren Davidson tabled the SEC Stabilization Act, a bill that sought to fire Gensler as SEC chair and redistribute the SEC’s power.
🚨 Gary Gensler’s tenure at the SEC highlights two key problems.
— Warren Davidson 🇺🇸 (@WarrenDavidson) September 27, 2023
Representatives Emmer and Davidson proposed creating the position of an executive director and having a sixth commissioner, changes designed to prevent the chair from having too much power.
When Gensler testified before the US House Financial Services Committee on September 27, several legislators raised alarm over his regulatory stance, described by many in the crypto industry as regulation-by-enforcement. Some also argued that he failed to provide answers to basic questions.
I cross-examined @SECGov Chair Gary Gensler about the term ‘investment contract’, which is key to determining his authority over crypto.
Gensler struggled to answer basic questions like whether an investment contract requires a contract. His evasions are deafening and damning. pic.twitter.com/EJcZEHiKGL
— Rep. Ritchie Torres (@RepRitchie) September 27, 2023
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