U.S. lawmakers have proposed to cut the annual salary of the SEC chairman to $1

By Tom Mitchelhill, Cointelegraph; Compiler: Song Xue, Golden Finance

**A U.S. lawmaker wants to strip Securities and Exchange Commission Chairman Gary Gensler of his salary to only $1 a year. **

In the proposed amendments to the Financial Services and General Government (FSGG), Rep. Tim Burchett suggested reducing Gensler’s salary to $1 as part of a broader proposal to divest the regulator.

The FSGG bill, first introduced on July 13 this year, is a broad piece of legislation aimed at drastic cuts in government spending across the board.

It is estimated that Gensler earns more than $300,000 per year as head of the SEC. **

Burchett isn’t the only lawmaker targeting the SEC, and the entire bill aims to slash funding for government agencies.

Rep. Steve Womack, introducing the bill to the House Rules Committee on Nov. 6, noted that the U.S. Securities and Exchange Commission (SEC), like other government agencies, has fallen victim to overregulation and placed an undue financial burden on the government. **

Wommack said the best course of action would be to unfund the SEC to help limit its regulatory “intrusiveness” while forcing regulators to refocus their attention on their core mission.

"Specifically, we shut down the SEC’s rulemaking that lacked proper cost-benefit analysis and overall impact analysis. ”

"To be clear, the institutions under our jurisdiction perform important functions; However, many have deviated from their duties, and the results have been truly disservice to the American people. Wommack added.

This is not the first time Gensler and his institution have been attacked by American politicians.

On June 12, U.S. Rep. Warren Davidson and Tom Emmer introduced the SEC Stabilization Act to the House of Representatives, one of the main provisions of which is the removal of Gary Gensler as SEC chairman.

If the bill passes, Gensler would be fired and the agency’s powers would be redistributed among SEC chairmen and commissioners. It will also create an executive director post and add a sixth commissioner to the body to prevent any one party from holding a majority.

Davidson and Emer have long been outspoken critics of the Gensler-led SEC, with Emer calling the SEC chairman a “malicious regulator” and accusing him of “blindly taking enforcement action against the crypto community while completely ignoring the real bad guys.”