US Lawmakers Want To Slash Gary Gensler's Salary From Over $300K To Just $1 — Here's Why

A United States lawmaker is seeking to significantly reduce the salary of Securities and Exchange Commission (SEC) chair Gary Gensler to just $1 per year. 

What Happened: Rep. Tim Burchett (R-Tenn.) has proposed an amendment to the Financial Services and General Government (FSGG) bill, which aims to defund the regulator and reduce government spending.

Gensler is estimated to earn over $300,000 annually as the head of the SEC. This has prompted criticism from lawmakers, with a bill introduced to significantly reduce funding for government agencies, including the SEC.

During the introduction of the bill to the House Rules Committee on Monday,  Rep. Steve Womack (R-Ark.) argued that the SEC, along with other government agencies, had become burdened by excessive regulation. Womack proposed defunding the SEC as a means to curtail its regulatory overreach and refocus its efforts on its primary mission.

"Specifically, we turn off rulemakings at the Securities and Exchange Commission that lack proper cost-benefit analysis and aggregate impact analysis."

Will The SEC Finally Approve Long-Awaited Bitcoin Spot ETF? Ask industry experts directly at Benzinga's Future of Digital Assets event happening in NYC on Nov. 14, 2023. Be a part of the discussions where you won't just be a passive spectator. Don't let this chance slip away – secure early bird discounted tickets now!

See More: A Stay At The Floating Palace From James Bond's ‘Octopussy

Why It Matters: This isn’t the first time Gensler faced criticism from U.S. politicians.

In August, Rep. Warren Davidson (R-Ohio) took a swipe at SEC Chairman Gensler, criticizing his actions against the cryptocurrency industry as “arbitrary and capricious.”  Davidson used the hashtag #FireGaryGensler to express his dissent. 

Price Action: At the time of writing, Bitcoin BTC/USD was trading at $34,876, down 0.09% in the last 24 hours, according to Benzinga Pro.

Photo Created with an image from Shutterstock and Third Way Think Tank on Flickr

Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: CryptocurrencyNewsMarketsGary GenslerSECSteve Womack
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!