A United States lawmaker needs to strip Securities and Exchange Commission Chair Gary Gensler of his salary by paying him simply $1 per yr.
In a proposed modification to the Financial Services and General Government (FSGG), Representative Tim Burchett instructed that Gensler’s salary be introduced down to $1 as a part of a wider proposal to defund the regulator.
First launched on July 13 this yr, the FSGG bill is a wide-ranging piece of laws that goals to considerably scale back authorities spending throughout the board.
It’s estimated that Gensler earns north of $300,000 per yr for his duties as head of the SEC.
Burchett wasn’t the one lawmaker taking purpose on the SEC, with the general invoice aimed toward drastically reducing funding to a lot of authorities businesses.
While introducing the invoice to the House Rules Committee on Nov. 6, Representative Steve Womack outlined that the SEC, amongst different businesses, had fallen prey to regulatory overreach and was turning into an undue monetary burden on the federal government.
Womack stated that the most effective plan of action could be to defund the SEC to assist restrict its regulatory “intrusiveness” whereas forcing the regulator to return focus to its core mission.
“Specifically, we turn off rulemakings at the Securities and Exchange Commission that lack proper cost-benefit analysis and aggregate impact analysis.”
“To be clear, the agencies under our jurisdiction perform important functions; however, many have strayed from their mandate and the results have been a true disservice to the American people,” Womack added.
We are on an unsustainable trajectory.
My invoice reins in wasteful Washington spending to handle our dire fiscal scenario. https://t.co/lWgyvHknQQ
— Rep. Steve Womack (@rep_stevewomack) November 6, 2023
Related: Are Bitcoin ETFs headed for one epic Gensler ‘rugpull?’ Analysts weigh in
This isn’t the primary time that Gensler and his company have come beneath hearth from U.S. politicians.
On June 12, U.S. Representatives Warren Davidson and Tom Emmer introduced the SEC Stabilization Act to the House of Representatives, with one of many invoice’s major provisions being one that may take away Gensler as chair of the SEC.
If handed, the invoice would hearth Gensler and redistribute the facility of the company between the SEC’s chair and commissioners. It would additionally create an govt director place and add a sixth commissioner to the company to stop anybody political occasion from holding a majority sway.
Davidson and Emmer have lengthy been vocal critics of the Gensler-led SEC, with Emmer slamming Gensler as a “bad faith regulator” and accusing him of “blindly spraying the crypto community with enforcement actions while completely missing the truly bad actors.”
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