House Republicans have introduced a bill to add a sixth commissioner and restructure the Securities and Exchange Commission (SEC). The new bill, called SEC Stabilization Act, aims to remove Chairman Gary Gensler from his post, and prevent any political party from having more than three seats on the SEC. According to Republicans, Gensler has abused his power for a long time under the current SEC structure. They argue that U.S. capital markets must be protected from a tyrannical Chairman, including the current one.

The bill was introduced by Rep. Warren Davidson from Ohio and House Majority Whip Tom Emmer from Minnesota. Davidson, in a statement, said that real reform was needed to fix the ongoing abuse of power and ensure protection that is in the best interest of the market for years to come. He stated that Gensler had a “long series of abuses that have been permitted under the current SEC structure.” It is time to fire Gary Gensler as Chair of the SEC, he added.

The SEC Stabilization Act includes several changes. In addition to removing the Chairman, it would restructure the SEC to redistribute power from the Chair to other commissioners. According to the Act, commissioners would continue to have rulemaking, investigative, and enforcement authority but would be subjected to staggered six-year terms. Under the new structure, no political party would be allowed to control more than three seats on the commission. The SEC Stabilization Act’s structure is similar to that of the Federal Elections Commission (FEC).

House Republicans have introduced a bill to add a sixth commissioner and restructure the Securities and Exchange Commission (SEC). The new bill, called SEC Stabilization Act, aims to remove Chairman Gary Gensler from his post, and prevent any political party from having more than three seats on the SEC. According to Republicans, Gensler has abused his power for a long time under the current SEC structure. They argue that U.S. capital markets must be protected from a tyrannical Chairman, including the current one.
The bill was introduced by Rep. Warren Davidson from Ohio and House Majority Whip Tom Emmer from Minnesota. Davidson, in a statement, said that real reform was needed to fix the ongoing abuse of power and ensure protection that is in the best interest of the market for years to come. He stated that Gensler had a “long series of abuses that have been permitted under the current SEC structure.” It is time to fire Gary Gensler as Chair of the SEC, he added.
The SEC Stabilization Act includes several changes. In addition to removing the Chairman, it would restructure the SEC to redistribute power from the Chair to other commissioners. According to the Act, commissioners would continue to have rulemaking, investigative, and enforcement authority but would be subjected to staggered six-year terms. Under the new structure, no political party would be allowed to control more than three seats on the commission. The SEC Stabilization Act’s structure is similar to that of the Federal Elections Commission (FEC).

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