Republican Lawmakers Propose Legislation to Remove SEC Chair Gary Gensler
House Majority Whip Tom Emmer, R-Minn., and Rep. Warren Davidson, R-Ohio, announced proposed legislation on Monday that seeks to restructure the U.S. Securities and Exchange Commission (SEC) and remove Gary Gensler as its Chair. “American investors and industry deserve clear and consistent oversight, not political gamesmanship,” Emmer said in a statement.
Push for Crypto Advocacy
Both Emmer and Davidson have been longtime proponents of digital assets and advocates for crypto within Congress. Davidson also sits on the House Financial Services Committee.
‘Tyrannical Chairman’
Davidson argued the necessity of the proposed legislation, stating that “U.S. capital markets must be protected from a tyrannical Chairman, including the current one.” The bill aims to adjust the commission by adding a sixth commissioner, ensuring that no single political party can hold more than three commissioner seats at a given time.
Whether the legislation has any support in the Democrat-controlled Senate remains unclear.