US Lawmaker Proposes $1 Salary for SEC Chair Gary Gensler
A US lawmaker, Rep. Tim Burchett, has suggested an amendment to the Financial Services and General Government (FSGG) bill that would reduce the salary of Securities and Exchange Commission (SEC) Chair Gary Gensler to just $1 per year. The FSGG bill aims to cut government spending, and Burchett’s proposal is part of a wider effort to defund the regulator. Gensler currently earns over $300,000 annually for his role as head of the SEC. Other lawmakers are also targeting the SEC with this bill, arguing that it has engaged in regulatory overreach and become a financial burden on the government.
Bill Aims to Defund SEC Due to Regulatory Overreach
Rep. Steve Womack, who introduced the FSGG bill, believes that government agencies like the SEC have strayed from their mandates and have been a disservice to the American people. He suggests defunding the SEC as a means to limit its regulatory “intrusiveness” and refocus on its core mission. The bill proposes turning off rulemakings at the SEC that lack proper cost-benefit analysis and aggregate impact analysis. Womack argues that reducing funding for these agencies is necessary to address the dire fiscal situation of the country.
Growing Opposition Against Gensler and SEC
This is not the first time that Gensler and the SEC have faced criticism from US politicians. In June, Reps. Warren Davidson and Tom Emmer introduced the SEC Stabilization Act, which seeks to remove Gensler as chair of the SEC if passed. The bill aims to redistribute power within the agency, create an executive director position, and add a sixth commissioner to prevent any one political party from having a majority sway. Davidson and Emmer have been vocal critics of Gensler, accusing him of unfairly targeting the crypto community while ignoring more significant issues.
Hot Take: Pushback Against SEC Chair Gensler Grows
The proposed amendment to reduce SEC Chair Gary Gensler’s salary to $1 per year is just the latest example of the growing pushback against him and the SEC. Lawmakers are increasingly critical of what they perceive as regulatory overreach and unnecessary financial burdens imposed by the agency. The FSGG bill aims to defund the SEC and other government agencies to address fiscal concerns and refocus their efforts on core missions. Additionally, the SEC Stabilization Act seeks to remove Gensler as chair and reform the agency’s structure. These actions reflect a broader sentiment among some politicians that change is needed within the SEC to better serve the American people.
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