A United States lawmaker representative Tim Burchett has proposed a significant reduction in the annual salary of the Securities and Exchange Commission (SEC) chair Gary Gensler, advocating for a decrease to just $1.
This move comes as part of an amendment to the Financial Services and General Government (FSGG) Bill, which aims to defund the SEC and contribute to the overall reduction in government spending.
Gensler Salary to be Reduced to $1
Burchett’s amendment reflects a broader sentiment within certain circles of government, where concerns about regulatory overreach have prompted calls for trimming down agencies like the SEC. Meanwhile, Rep Steve Womack, echoing these concerns, highlights the burden placed on the SEC and other government entities due to what he perceives as excessive regulation.
In alignment with Burchett’s proposal, Womack argued for defunding the SEC as a strategic measure to alleviate regulatory pressures. And also refocus the agency on its core mission.
However, the proposition to reduce Gensler’s salary from $300,000 to a symbolic $1 annually underscores a symbolic chance on fiscal responsibility. Also, the move aims to signal a commitment to streamlining government expenditures.
The proponents of this amendment argue that such measures are essential to fostering efficiency within regulatory bodies. Also preventing them from veering into unnecessary or burdensome regulations.
However, this move has not been without controversy. Critics argue that such drastic cuts may compromise the SEC’s ability to carry out its vital functions effectively. Furthermore, they caution against undermining the agency’s capacity to oversee the financial markets, enforce regulations, and protect investors.
Congressman Calls Gary a Bad Faith Regulator
Recall that United States Senator Tom Emmer in April, expressed his doubts about Gensler’s regulation of the cryptocurrency industry. In his words, “The SEC Chief is a ‘bad faith regulator’. Meanwhile, this is not the first time Emmer has voiced his opposition toward the SEC chairman.
Previously, he criticized the SEC’s approach to obtaining data regarding cryptocurrency exchanges, claiming that the policy had failed.
Gensler and the Crypto World
Despite his previous experience as an MIT professor who gave lectures on Blockchain technology, Gary Gensler is still largely considered by many as not so vast when it comes to the modalities for regulating the digital currency ecosystem.
Should his fate lie in the hands of crypto investors, then his days in the office may be numbered. This is because as many as 18,873 individuals have signed a petition sponsored by ‘AI from Boston.’ The petition seeks to oust him from office for his part in the obstruction of justice with the activities of Citadel Securities.