A U.S. lawmaker wants to cut the salary of U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler to just $1 a year.
In a proposed amendment to the Financial Services and Government Affairs (FSGG), Rep. Tim Burchett proposed reducing Gensler’s salary by $1 as part of a broader proposal to cut the agency’s budget management.
OK introduce First introduced on July 13 of this year, the FSGG bill is a wide-ranging piece of legislation aimed at deep cuts in government spending across the board.
Rep. Burchett’s amendment to the FSGG bill.Source: House Budget Committee
them estimate Gensler makes about $300,000 a year as SEC chairman.
Burchett isn’t the only lawmaker taking aim at the SEC, with the entire bill aimed at slashing funding for government agencies.
When Rep. Steve Womack introduced the bill to the House Rules Committee on November 6, he pointed out that the SEC and other government agencies have over-regulated and placed an excessive financial burden on the government.
Womack said the best course of action is to defund the SEC to help limit the “intrusiveness” of the agency’s regulations while forcing the agency to refocus on its core mission.
“To be clear, the agencies under our jurisdiction perform important functions; however, many have strayed from their primary missions and caused real harm to the American people as a result.”
We are on an unsustainable trajectory.
My bill limits wasteful spending in Washington to address our dire fiscal situation. https://t.co/lWgyvHknQQ
— Rep. Steve Womack (@rep_stevewomack) November 6, 2023
This is not the first time Gensler and his agency have been criticized by U.S. politicians.
On June 12, U.S. Representatives Warren Davidson and Tom Emmer submitted the “SEC Stabilization Act” to the House of Representatives. One of the key provisions of the bill is to fire SEC Chairman Gary Jens Gary Gensler.
If passed, the bill would fire Gensler and redistribute the agency’s powers between the SEC chairman and commissioners. It would also create an executive director position and add a sixth commissioner to the agency to prevent any one party from taking a majority.
Davidson and Emmer have long been strong critics of Gensler’s SEC, with Emmer calling the SEC chairman a “malicious regulator” and accusing him of “blindly taking practical action.” Competition in the cryptocurrency space completely ignores the truly bad actors. “
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According to Cointelegraph