A United States lawmaker has proposed a controversial amendment to the Financial Services and General Government bill, which aims to reduce government spending. The amendment suggests reducing the salary of Securities and Exchange Commission (SEC) chair Gary Gensler to just $1 per year. This move is part of a wider proposal to defund the regulator. It is estimated that Gensler currently earns over $300,000 annually for his role. The bill, introduced on July 13, has garnered support from other lawmakers who believe that government agencies, including the SEC, have overstepped their regulatory boundaries and become a financial burden. The aim is to limit the SEC’s regulatory reach and refocus the agency on its core mission. This is not the first time Gensler and the SEC have faced criticism from politicians. In June, two representatives introduced a bill that would remove Gensler as chair and redistribute the agency’s power. They accused Gensler of being a “bad faith regulator” and targeting the crypto community while ignoring more significant issues.

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Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	negative
Relevance Score	1
People	Tim Burchett, Tom Emmer, Steve Womack, Warren Davidson, Gary Gensler
Companies	Financial Services and General Government, SEC Stabilization Act, House of Representatives, House Rules Committee, Securities and Exchange Commission
Currencies	None
Securities	None