U.S. lawmakers Warren Davidson and Tom Emmer introduced a bill on June 12 to restructure the U.S. Securities and Exchange Commission and remove its chairman, Gary Gensler.
In a June 12 statement, the lawmakers stated that the bill, tagged “the SEC Stabilization Act,” would change the financial regulator’s current structure, ensuring its priorities protect investors’ interests.
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Davidson said:
“U.S. capital markets must be protected from a tyrannical Chairman, including the current one. It’s time for real reform and to fire Gary Gensler as Chair of the SEC.”
Congressman Emmer said:
“American investors and industry deserve clear and consistent oversight, not political gamesmanship. The SEC Stabilization Act will make common-sense changes to ensure that the SEC’s priorities are with the investors they are charged to protect and not the whims of its reckless Chair.”
Bill details
The new bill adds a new commissioner to the financial agency and introduces the office of an Executive Director tasked with overseeing the Commission’s daily operations. However, all rulemaking, enforcement, and investigation authority remain with the commissioners, subject to staggered six-year terms.
“The ensuing stability would also force commissioners to work together prior to approving any significant actions under the SEC’s purview. This would implement a similar structure that is currently in place at the Federal Election Commission.”
The SEC Stabilization Act would also prevent a single political party from holding more than three commissioner seats, protecting the U.S. capital markets from destabilizing future political agendas.
SEC Chair Gensler has come under fire from several crypto stakeholders who have heavily criticized the Commission’s regulation-by-enforcement approach to the industry. Under Gensler, the SEC has labeled over 60 cryptocurrencies securities and filed legal actions against major crypto firms like Coinbase and Binance.
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