A proposal by a U.S. lawmaker suggests reducing the salary of Securities and Exchange Commission (SEC) Chair Gary Gensler to a symbolic $1 per year. Representative Tim Burchett presented this amendment as part of the broader Financial Services and General Government (FSGG) bill, introduced on July 13, aimed at substantial cuts in government spending. Gensler’s current annual salary, estimated to exceed $300,000, has drawn attention in the proposed amendment.
The FSGG bill, designed to reduce funding across various government entities, reflects a broader discontent among lawmakers. Representative Steve Womack, speaking before the House Rules Committee on Nov. 6, asserted that agencies like the SEC were burdening the government with regulatory overreach and necessitated defunding. Womack emphasised the need to curtail the SEC’s regulatory impact and refocus on its core mission, advocating for turning off rulemakings lacking proper cost-benefit and aggregate impact analyses.
This move to cut SEC funding aligns with a previous legislative effort. On June 12, Representatives Warren Davidson and Tom Emmer introduced the SEC Stabilization Act, proposing Gensler’s removal as SEC chair. The bill, if enacted, would restructure the agency’s power dynamics, introducing an executive director position and an additional commissioner to prevent political party dominance. Davidson and Emmer have consistently criticised Gensler, accusing him of being a “bad faith regulator” who targets the crypto community without addressing more significant issues.