U.S. congressman proposes cutting SEC Chairman Gary Gensler’s salary to $1

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The Financial Services and Government (FSGG) Act proposes significant cuts in funding to the SEC and other government agencies.

Recently, Congressman Tim Burchett just submitted a Financial Services and Government Services (FSGG) amendment proposing to cut the salary of U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler to 1 Dollar. The congressman said this is just one of many other efforts to cut the governing body’s budget.

It is understood that Gary Gensler receives US$300,000 per year as SEC Chairman. If the new proposal is approved, the chair will receive only $1 per year. But this is a proposal considered “utopian” by the community and unlikely to be realized.

Rep. Burchett’s amendment to the FSGG bill.Source: House Budget Committee

towards FSGG billThe Bill, first introduced on July 13 this year, is a wide-ranging piece of legislation aimed at slashing government spending across the board. It is worth noting that when Rep. Steve Womack submitted the bill to the House Rules Committee on November 6, he pointed out that the SEC and other government agencies are over-regulated and are becoming a financial burden on the government.

The congressman said the best solution to the problem is to defund the SEC. This is intended to limit “encroachments” on the agency’s regulations while forcing the agency to refocus on its core mission.

We are on an unsustainable trajectory.

My bill limits wasteful spending in Washington to address our dire fiscal situation. https://t.co/lWgyvHknQQ

— Rep. Steve Womack (@rep_stevewomack) November 6, 2023

However, this is not the first time Gensler and his agency have been criticized by American politicians. Previously, on June 12, Congressmen Warren Davidson and Tom Emmer introduced the “SEC Stabilization Act” to the House of Representatives. One of the main provisions of the bill was to fire SEC Chairman Gary James. Gary Gensler.

If the bill is passed, Fire Gary Gensler and redistribute agency rights between the SEC Chairman and Commissioners. Also, create an executive director position and add a sixth commissioner to the agency to prevent any one party from taking a majority.

Davidson and Emmer have long been strong critics of Gary Gensler’s SEC. Emmer even called the SEC chairman a “malicious regulator” and accused him of “blindly bringing enforcement actions into the cryptocurrency space while completely ignoring the real players.”

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