A United States lawmaker has put forth a proposal to reduce the salary of the Securities and Exchange Commission (SEC) chair, Gary Gensler, to just $1 per year.
Rep. Tim Burchett has suggested an amendment to the Financial Services and General Government (FSGG) bill, which aims to defund the regulator. The FSGG bill, initially introduced on July 13 this year, is a comprehensive piece of legislation designed to significantly cut government spending across various areas.
Gary Gensler currently earns an estimated annual salary of over $300,000 for his role as the head of the SEC.
Burchett’s proposal is not the only initiative targeting the SEC, as the overall bill seeks to substantially reduce funding for government agencies.
During the bill’s introduction to the House Rules Committee on November 6, Rep. Steve Womack argued that the SEC, along with other government agencies, had become victims of excessive regulation, resulting in an undue financial burden on the government. Womack proposed defunding the SEC as a means to curtail its regulatory intrusiveness and refocus the regulator on its core mission.
He stated, “Specifically, we will halt rulemakings at the Securities and Exchange Commission that lack proper cost-benefit analysis and aggregate impact analysis.”
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