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SEC Chairman’s Salary Cut to $1
Legislators Criticize SEC as Financial Burden
Legislators Propose to Impeach SEC Chairman
As part of the Financial Services and General Government (FSGG) proposed amendment, US Representative Tim Burchett suggested reducing the salary of Securities and Exchange Commission (SEC) Chairman Gary Gensler to $1 to cut expenses of the regulatory agency. It is estimated that Gary Gensler’s annual salary as SEC Chairman exceeds $300,000.
Furthermore, according to information shared by Fox reporter Eleanor Terrett, the proposed amendment would also eliminate enforcement funding for SEC in the field of cryptocurrency. The FSGG bill was first introduced on July 13th of this year, it is a broad legislation aimed at significantly reducing overall government spending, the bill will be voted on by the Rules Committee at 4 p.m. Eastern Time, and then submitted to the House of Representatives.
In addition to Tim Burchett’s call for significant cuts to the SEC budget, Congressman Steve Womack emphasized when introducing the bill to the House Rules Committee on November 6th, that government agencies like the SEC have become sacrificial lambs to regulatory expansion and are becoming an unnecessary financial burden on the government.
Steve Womack stated that the best solution is to defund the SEC to limit its regulatory “aggressiveness” and force the regulatory agency to return to its core mission. Steve Womack said:
It is worth noting that this is not the first time that Gary Gensler and the SEC have faced criticism from US legislators. On June 12th, US Representatives Warren Davidson and Tom Emmer, who have long been dissatisfied with Gary Gensler and the SEC’s enforcement actions, introduced the SEC Stabilization Act in the House of Representatives, with a key provision being the removal of Gary Gensler from his position as SEC Chairman.
If the bill is passed, it will remove Gensler from his position and redistribute the institution’s power between the SEC Chairman and commission members. Additionally, the bill will create an executive director position and add a sixth commissioner to the institution to prevent any one party from holding a majority of power within the institution.