US lawmaker proposes to cut SEC chair Gary Gensler’s salary to $1

Introduced on July 13 this year, the FSGG bill is a wide-ranging piece of legislation that intends to considerably lower government spending across the board. Rep. Burchetts proposed change to the FSGG costs. Source: House Committee on AppropriationsIts approximated that Gensler earns north of $300,000 per year for his duties as head of the SEC.Burchett wasnt the only lawmaker taking objective at the SEC, with the general expense intended at drastically cutting funding to federal government agencies.While presenting the bill to the House Rules Committee on Nov. 6, Rep. Steve Womack laid out that the SEC, amongst other federal government firms, had actually fallen prey to regulatory overreach and were becoming an excessive monetary problem on the federal government.

Experts weigh inThis isnt the first time that Gensler and his company have come under fire from U.S. politicians.On June 12, United States Reps. Warren Davidson and Tom Emmer introduced the SEC Stabilization Act to the House of Representatives, with one of the bills main arrangements being one that would eliminate Gary Gensler as chair of the SEC.If passed, the bill would fire Gensler and redistribute the power of the firm in between the SEC chair and commissioners. It would likewise produce an executive director position and include a sixth commissioner to the firm to avoid any one political celebration from holding a bulk sway.Davidson and Emmer have long been vocal critics of the Gensler-led SEC, with Emmer calling the SEC Chair a “bad faith regulator” and implicating him of “blindly spraying the crypto neighborhood with enforcement actions while entirely missing out on the genuinely bad stars.