A Republican congressman has filed legislation to fire Securities and Exchange Commission (SEC) Chair Gary Gensler and restructure the agency.
The bill, introduced by Rep. Warren Davidson (R-Ohio), would replace the chairman’s role with an executive director position who would be appointed by the SEC’s board of directors. The bill also would require the SEC to be more transparent and accountable to Congress.
Davidson has been a vocal critic of Gensler, who he has accused of overstepping his authority and stifling innovation in the financial markets. Davidson has also criticized Gensler’s handling of the cryptocurrency market.
“Gary Gensler has abused his power as SEC Chair,” Davidson said in a statement. “He has used the SEC to advance his own political agenda, rather than protecting investors. It’s time for a change.”
Gensler has defended his record, saying that he is committed to protecting investors and ensuring that the financial markets are fair and orderly.
“I am committed to working with Congress to make sure the SEC is effective in protecting investors and ensuring fair, orderly, and efficient markets,” Gensler said in a statement. “I look forward to working with Congress to address these important issues.”
It is unclear whether the bill has any chance of passing Congress. Democrats control both the House and the Senate, and they are unlikely to support a bill that would fire a sitting SEC chair.
However, the bill could put pressure on Gensler and the SEC to change their policies. It also could signal that Republicans are willing to take a more aggressive approach to regulating the financial markets.
The bill is the latest sign of the growing political divide over how to regulate the financial markets. Democrats have generally supported a more active role for the government in regulating the markets, while Republicans have argued that the government should take a more hands-off approach.
The debate over financial regulation is likely to continue in the years to come. The outcome of that debate could have a significant impact on the future of the financial markets.