FameEX Hot Topics | U.S. Representative Suggests Reducing SEC Chair Gary Gensler's Pay to a Single Dollar

A U.S. lawmaker has put forward a bold proposal that could see the chairman of the Securities and Exchange Commission (SEC), Gary Gensler, receiving only a symbolic $1 per year salary. The amendment, which was suggested by Representative Tim Burchett, is part of a larger effort contained within the Financial Services and General Government (FSGG) bill to scale back funding to the SEC and various other governmental bodies. 

This dramatic measure was proposed on July 13 as a component of the extensive FSGG bill, which seeks to implement widespread cuts to government expenditure. The SEC chair, Gensler, whose annual remuneration is speculated to exceed $300,000, has been targeted in this cost-cutting exercise, which aims to trim down the operational budgets of several agencies.

The drive to curb the SEC's resources isn't isolated to Burchett's initiative. During a presentation of the bill to the House Rules Committee on November 6, Representative Steve Womack expressed concerns that the SEC, among others, was engaging in excessive regulatory behavior and, as a result, placing an unnecessary strain on government finances. Womack advocated for the defunding of the SEC as a means to limit what he terms its "intrusiveness" and to compel the regulatory body to recalibrate its focus on its primary duties.

Womack specifically criticized the SEC's rulemaking processes, suggesting that they should be halted if they do not incorporate thorough cost-benefit analysis and consider their aggregate impact. He asserted that while the agencies overseen by the bill fulfill essential roles, their deviation from original mandates has not served the American public well.