House Republican Majority Leader Tom Emmer and fellow party member Warren Davidson introduced a bill to fire the head SEC Gary Gensler and departmental restructuring.
According to Emmer, the proposed “SEC Stabilization Act” would end Gensler’s “continued abuses” that were made possible in the Commission’s current structure.
“American investors and the industry deserve clear and consistent oversight, not political play. The SEC Stabilization Act will make common sense changes by ensuring that the Commission’s priorities are tied to the investors they are designed to protect, and not to the whims of its reckless chairman,” Emmer said.
Gensler’s term exposed a fundamental flaw in the structure of the SEC, he said. The “certain level of freedom of action” granted to the chairman makes the positions of the remaining four commissioners virtually redundant, lawmakers say.
Their proposed bill would introduce a sixth commissioner to the Commission and would also create an executive director position to oversee the day-to-day activities of the regulator.
So basic… #FireGary and de-politicize the world’s biggest and best capital markets. This should be a unifying, nonpartisan plan to restore focus on the mission. Who will be the first Democrat to sponsor? Tag someone. pic.twitter.com/IbiuuHpwic
— Warren Davidson 🇺🇸 (@WarrenDavidson) June 13, 2023
Under the proposal, the commissioners would retain their rule-making, enforcement and investigative powers. They will be elected in a staggered manner for six years. No political party may have more than three representatives on the SEC.
In April, Gensler faced harsh criticism from Republicans regarding the agency’s position on cryptocurrencies during a hearing in the House of Representatives.
Recall that in the same month, Davidson introduced a bill involving the dismissal of the head of the SEC from his post.
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