A quick summary of the bill that could remove chair Gary Gensler

Today, many of us watched as Gary Gensler got scolded by the financial services committee. Many members of congress are fed up with Gary's noncompliance and disregard for the rulings and laws of congress.

"A Gary gensler problem and a structural flaw in the sec" and "I wish the biden administration would say you're fired,

To correct a long series of abuses, I am introducing legislation that removes the Chairman of the Securities and Exchange Commission and replaces the role with an Executive Director that reports to the Board, where all authority resides. Former Chairs of the SEC will be considered ineligible.”- Warren Davidson (r-oh)

“American investors and industry deserve clear and consistent oversight, not political gamesmanship. The SEC Stabilization Act will make common-sense changes to ensure that the SEC’s priorities are with the investors they are charged to protect and not the whims of its reckless Chair. -Tom Emmer

Rep. Davidson Introduced theb'SEC Stabilization Act’ to remove chair Gary Gensler. Under the SEC Stabilization Act, a single political party would never hold more than three commissioner seats at any given time, thus protecting U.S. capital markets from any future destabilizing political agenda

The SEC Stabilization Act adjusts the commission to include an additional sixth commissioner, while also creating an executive director who oversees the agency’s day-to-day operations. All rulemaking, enforcement, and investigation authority would remain with the commissioners, who are subject to staggered six-year terms.

The bill also requires regular meetings between the executive director and the commissioners to discuss the state of affairs of the Commission, and meeting from these discussions would be made available to the public.

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