SEC Chair’s Salary Could Be Slashed to $1
A proposed amendment to the Financial Services and General Government (FSGG) bill could see SEC chair Gary Gensler’s salary reduced to just $1. The bill, introduced by Representative Steve Womack, aims to rein in spending and regulate rulemakings at the SEC that lack proper cost-benefit analysis.
The proposal is part of a broader effort to defund government agencies and address concerns around regulatory overreach. While acknowledging the importance of regulators, the bill seeks to prevent them from straying from their mandate.
Gensler, who currently earns around $300,000 annually, would see his salary dramatically cut if the amendment is approved. This underscores lawmakers’ determination to limit the SEC’s regulatory authority.
SEC and Gary Gensler Under Fire
Lawmakers have previously expressed dissatisfaction with Gensler’s leadership. Back in June, US Representatives Tom Emmer and Warren Davidson introduced the SEC Stabilization Act, which aimed to remove Gensler as chair and redistribute the SEC’s power.
The proposed changes included creating an executive director position and adding a sixth commissioner to prevent excessive power concentration in the chair. During a testimony before the US House Financial Services Committee, Gensler faced criticism for his regulatory approach, particularly in the crypto industry.
Hot Take
US lawmakers are making moves to limit the SEC’s regulatory authority by introducing bills that would dramatically reduce SEC Chair Gary Gensler’s salary or remove him from his position altogether. These efforts are part of a broader push to rein in spending and prevent regulatory overreach. Gensler’s leadership has faced criticism for his regulatory stance, with some arguing that he has failed to provide adequate answers to basic questions.
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