SEC Chair’s Salary Should be Cut to $1, US Lawmaker Says
- US lawmaker Tim Burchett has proposed an amendment to reduce SEC Chair Gary Gensler’s salary to $1.
- An estimate confirms that the regulator currently earns around $300,000 each year for his duties.
- Rep. Steve Womack said that the agency was becoming an undue financial burden on the government.
- US Congressman Warren Davidson introduced the “SEC Stabilization Act,” asking for Gensler to be fired.
A United States lawmaker wants to reduce the salary of Gary Gensler, the Chairman of the Securities and Exchange Commission (SEC), to just $1 per year. Gensler has been accused of misusing his powers and regulating the digital asset sector via enforcement actions, driving out blockchain-focused businesses in the US.
Rep. Tim Burchett, the United States representative for Tennessee’s 2nd congressional district, has proposed an amendment to the Financial Services and General Government (FSGG), suggesting that Gensler’s salary be brought down to $1 and other steps should be taken to reduce the funding of the SEC.
The FSGG bill was introduced earlier this year on July 13, and it seeks to significantly reduce the government’s spending on various sectors. It is crucial to note here that the SEC Chair earns around $300,000 each year as the head of the agency. On the other hand, the overall bill aims to reduce the spending of government agencies as well.
Rep. Steve Womack, the United States representative for Arkansas’s 3rd congressional district, introduced the bill on November 6 and said that the SEC, among other government agencies, had fallen prey to regulatory overreach and was becoming an undue financial burden on the government.
Womack said that the best course of action would be to defund the SEC and help limit its regulatory “intrusiveness” while forcing the agency to focus on its core mission. He added that “specifically, we turn off rulemakings at the Securities and Exchange Commission that lack proper cost-benefit analysis and aggregate impact analysis.”
“To be clear, the agencies under our jurisdiction perform important functions; however, many have strayed from their mandate, and the results have been a true disservice to the American people,” Womack said.
A report from the New York Post claimed that Gary Gensler is making the SEC into a banana republic, failing to target fraudulent exchanges like FTX that operated right under its nose while taking enforcement actions against various businesses without proper proof and argument.
As reported earlier by Bitnation, US Congressman Warren Davidson introduced the “SEC Stabilization Act” into the House of Representatives on June 12, asking Gensler to be fired and reorganizing the agency.