"Gary Gensler has to find another job that means, he won't be able to live up to $ 1."
Tim Burchett, a US Member of Parliament, proposes amendments to the Financial and General Government (FSGG) services to lower the salary of the Securities and Exchange Commission (SEC) Chairman Gary Gensler by paying it only $ 1 a year.
Introduced on July 13, 2023, the FSGG bill is aimed at reducing government spending and Gensler, who serves as SEC chief, is estimated to earn $ 330,000 a year.
Burchett is not the only lawmaker targeting a SEC following the entire bill aimed at drastically reducing financing to several government agencies.
In introducing the bill to the House Regulatory Committee on November 6, 2023, representative Steve Womack outlined that the SEC had been a financial burden on the government.
According to Womack, the US regulator should not act very aggressively on the crypto market and they should focus on its core missions.
It is undeniable that agencies under its jurisdiction have performed important functions, but many have lost their jobs, causing US people to suffer huge losses.
In addition to establishing the position of Executive Director and Sixth Commissioner, the bill if passed will also sack Gensler and re-distribute the agency's power between the SEC Chairman and the Commissioner
This is not the first time Gensler and his agency have received great criticism from US politicians following US representatives Warren Davidson and Tom Emmer on June 12, 2023, introduced the SEC Stability Act to the House of Representatives to oust him as Chairman of the SEC.
