A new legislative amendment aiming to reduce the salary of Securities and Exchange Commission (SEC) Chair, Gary Gensler, to just $1 per year has been proposed by a U.S. lawmaker.
The proposed amendment to the Financial Services and General Government (FSGG) bill, put forward by Rep. Tim Burchett, is part of a broader initiative to defund the regulator. Introduced earlier this year in July, the FSGG bill aims to drastically reduce government spending.
It is estimated that Gensler currently earns over $300,000 per year in his role as the SEC chair.
Rep. Steve Womack echoed Burchett’s sentiments, stating that the SEC, along with numerous other government agencies, were becoming financially burdensome due to regulatory overreach. Womack presented the bill to the House Rules Committee on Nov. 6, advocating for defunding the SEC to limit its regulatory “intrusiveness”.
This is not the first time Gensler and the SEC have faced such criticism. In June, U.S. Reps. Warren Davidson and Tom Emmer introduced the SEC Stabilization Act, a bill that, if passed, would remove Gensler as chair of the SEC.
The proposed legislation would also redistribute the power of the agency between the SEC chair and commissioners, add a sixth commissioner to prevent any one political party from holding a majority, and create an executive director position.
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