Rep. Tim Burchett of the United States introduced an amendment to the Financial Services and General Government (FSGG) bill
Rep. Tim Burchett of the United States introduced an amendment to the Financial Services and General Government (FSGG) bill that proposes to cut Securities and Exchange Commission (SEC) Chair Gary Gensler's compensation to $1 per year.
The amendment was submitted as part of a larger campaign to defund the regulatory agency and to dramatically slash government expenditure.
Gensler's pay as SEC Chair is now reported to be more than $300,000 per year. Burchett's proposed amendment would reduce his compensation to a symbolic $1, emphasizing the legislator's desire to limit the regulator's authority.
The FSGG bill, which was introduced on July 13, seeks to reduce funding for numerous government agencies, including the SEC, in response to concerns about regulatory overreach and undue financial demands on the government.
Previously, US Representatives Warren Davidson and Tom Emmer introduced the SEC Stabilization Act, which seeks to remove Gensler as chair and redistribute the agency's jurisdiction. To achieve equal representation, the bill proposes creating an executive director role and adding a sixth commissioner.
Several politicians have expressed alarm about Gensler's regulatory stance when he testified in front of the House Financial Services Committee, with some questioning his approach towards digital assets, claiming it puts investors at risk.
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