Republican members of Congress introduced bills to change the way the U.S. Securities and Exchange Commission governs and current chairman Gary Gensler.
US Republican Congressmen Warren Davidson And Tom Emmer, SEC Chair, which they said they would prepare in recent months To fire Gary Gensler submitted a bill to the House of Representatives. by binary 12 June presented on theSEC Stability Act”, the removal of the SEC chairman from his seat and at the same time The monarchical operating structure of the SEC intended to be changed.
For the bill to pass the Senate, Democrats as well as Republicans to your support will be needed. If the bill is passed, SEC Chairman Gary Gensler will be removed from office and his authority will be redistributed between the new SEC chairman and commissioners. In addition, any party have a majority in the commission. will not be allowed and executive director position will be created.
Making a statement on the subject, Davidson said that the new president to be elected “overbearing” emphasized that care would be taken not to be someone:
U.S. capital markets must also be protected from a potential overbearing president, including the current president. Therefore, I am introducing a bill to rectify the ongoing abuse of power and provide protection that will benefit the market for years to come. It’s time for real reform and firing Gary Gensler as SEC Chairman.
Tom Emmer, one of the co-authors of the bill and who came to the fore with his rhetoric against the current SEC chairman, said that the SEC’s its obligation to protect investors He stated that a capricious president needs to change:
American investors and industry deserve clear and consistent oversight, not political games. The SEC Stabilization Act will make prudent changes to ensure that the SEC’s priorities are the investors it is charged with protecting, not the whims of its reckless president.
Although the lawmakers did not mention cryptocurrencies in their statements, both Davidson and Emmer’s cryptocurrency pro They are known to be critical of Gensler’s leadership in the SEC.
Davidson shared on Twitter about 2 months ago, SEC Chairman by Gary Gensler impeachment and the position of SEC chairman. executive to the board report giving a directorate which aims to make law draft He said he was working on it. It is thought that the new draft presented is the work he is talking about.