top of page
  • Writer's pictureJamal Saafir

SEC Chair Gary Gensler's Proposed Salary: $1

Updated: Dec 1, 2023

According to a report from Cointelegraph, a United States lawmaker is seeking to reduce United States Securities and Exchange Commission (SEC) Chair Gary Gensler’s salary to $1 per year.

In a proposed amendment to the Financial Services and General Government (FSGG), Representative Tim Burchett suggested that Gensler’s annual pay be reduced to $1, consistent with a wider proposal to defund the regulator.

Initially introduced on July 13th this year, the FSGG bill is a wide-ranging piece of legislation that seeks to notably decrease government spending in numerous areas.

It’s estimated that Gensler is paid upwards of $300,000 annually for his performance as head of the United States Securities and Exchange Commission.

Burchett did not stand alone targeting the SEC. Other lawmakers supported the bill suggesting radical cuts to the funding of multiple government agencies.

While presenting the bill to the House Rules Committee on November 6th, Representative Steve Womack outlined that the SEC, among other agencies, had

succumbed to regulatory overreach and

was developing into an undue financial

weight on the government.

Womack stated that the most favorable path forward would be to defund the SEC to aid in restricting its regulatory “intrusiveness” while making the regulator return focus to its fundamental objective.

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

“To be clear, the agencies under our jurisdiction perform important functions; however, many have strayed from their mandate and the results have been a true disservice to the American people,” Womack added.

This isn’t the first time that Gensler and his agency have been scrutinized by U.S. politicians.

On June 12th, U.S. Representatives Warren Davidson and Tom Emmer presented the SEC Stabilization Act to the House of Representatives, with one of the bill’s main offerings being the unseating of Gensler as chair of the Securities and Exchange Commission.

If passed, the bill would terminate Gensler and re-establish the power of the agency between the SEC’s chair and commissioners. It would also produce an executive director position and add a sixth commissioner to the agency to avert any one political party from holding a majority influence.

U.S. Representatives Warren Davidson

Davidson and Emmer have long openly expressed their criticism of the Gensler-led SEC, with Emmer branding Gensler as a “bad faith regulator” and accusing him of “blindly spraying the crypto community with enforcement actions while completely missing the truly bad actors.”

0 views0 comments


bottom of page