Recently, Congressman Tim Burchet has submitted a proposal to amend the Financial Services and General Government (FSGG) bill, suggesting a reduction of the salary of SEC Chairman Gary Gensler to just $1. According to the congressman, this is just one of many efforts to cut the budget of the regulatory agency.
It’s worth noting that Gary Gensler currently receives $300,000 per year in his role as SEC Chairman. If this new proposal were to be approved, the Chairman would only receive $1 per year. However, this proposal is considered by many to be unrealistic and unlikely to become a reality.
The FSGG bill, which was first introduced on July 13th this year, is a broad-scope legislation aimed at significantly reducing government spending across various aspects. Notably, when introducing the bill to the House Rules Committee on November 6th, Congressman Steve Womack pointed out that the SEC, along with other government agencies, has been exceeding its regulations and becoming a financial burden on the government.
The congressman suggests that the best solution to this issue is to defund the SEC, limiting the agency’s overreach and refocusing it on its core mission.
However, this isn’t the first time that Gensler and his agency have faced criticism from U.S. lawmakers. Earlier on June 12th, Congressman Warren Davidson and Tom Emmer introduced the SEC Regulatory Accountability Act to the House, with one of the main provisions being the removal of Gary Gensler from his position as SEC Chairman.
If passed, the bill would remove Gary Gensler and redistribute the agency’s power between the SEC Chairman and the commissioners. It would also create a Chief Operating Officer position and add a sixth commissioner to the agency to prevent any political party from holding a majority.
Davidson and Emmer have long been strong critics of the SEC under Gary Gensler’s leadership. Emmer even referred to the SEC Chairman as a “bad-faith regulator” and accused him of “blindly taking enforcement actions against the cryptocurrency space while completely missing actual bad actors.”
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