In amendments to the bill “On Financial Services and U.S. Government Administration”, Senator Tim Burchett has proposed cutting the salary of the SEC chair Gary Gensler to $1.
The document introduced on July 13 is a sweeping regulatory act aimed at cutting government spending across the board.
According to the SEC, Gensler earns around $300,000 a year. Meanwhile, according to Apumone, the 65-year-old official’s fortune is estimated at $45 million.
Burchett was not the only lawmaker to criticise the Commission. Representative Steve Womack of the House Rules Committee stressed that the SEC has become “a victim of abuses” and “an unwarranted financial burden on the government.”
In the senator’s view, the best way to safeguard the agency is to curb its regulatory “intrusiveness.”
“In particular, we would halt rulemaking within the Securities and Exchange Commission where there is no proper cost-benefit analysis, nor any demonstrable benefit,” he added.
Earlier, Representative Warren Davidson proposed to fire Gensler. He said at the time he planned to introduce the corresponding bill. The move followed SEC chief’s plan to revise the definition of “exchange,” which drew criticism from crypto-industry representatives.
Later, the politician again proposed removing the Commission’s chair from office. The initiative was prompted by a court ruling in favor of Grayscale regarding the company’s GBTC conversion into an ETF, contrary to the regulator’s position.
In mid-June, Davidson and several other congressmen introduced a bill to oust Gensler and restructure the agency.