Rep. Warren Davidson (R-OH) voiced his criticism of Securities and Exchange Commission (SEC) Chair Gary Gensler, citing two main problems during Gensler’s tenure. 

What Happened: Davidson said, “Gary Gensler’s tenure at the SEC highlights two key problems – a problem with Gensler himself and a structural problem within the SEC.” To address these concerns, Davidson introduced the SEC Stabilization Act, aiming to “fire” Gensler and restructure the SEC.

“That’s why I introduced the SEC Stabilization Act to #FireGaryGensler and restructure the SEC,” Davidson tweeted.

Gensler faced intense scrutiny and reprimand during the House Financial Services Committee hearing, particularly concerning the SEC’s initiatives on climate-related disclosures and cryptocurrency regulation. Republican representatives were particularly focused on these areas, expressing their reservations and seeking clarification from Gensler.

Davidson further challenged Gensler’s actions related to the ESG (Environmental, Social, and Governance) disclosure rule, asserting that his claims of recognizing the authority of Congress and courts contradicted his actual actions. “Gary Gensler claims to recognize the authority of Congress & courts, yet his actions on the ESG disclosure rule say otherwise. Knock it off, Gary Gensler. Cease and desist now,” he tweeted.

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Why It Matters:  It’s worth noting that Congressman Davidson had previously called for Gary Gensler’s removal through his “Stabilization Act” in June as well. The proposed bill aimed to restructure the SEC into a more democratic system rather than being led solely by a “tyrannical chairman.”

Similarly, Congressman Tom Emmer criticized Gensler, emphasizing his lack of impartiality as a regulator. Emmer said, “Gary Gensler is NOT an impartial regulator, and his answers to my questions today prove just that. He has consistently shown loyalty to the largest institutions in America, but at the expense of innovation, competition, and everyday Americans.”

In a separate tweet, Emmer emphasized that Gensler is accountable to Congress.  “Despite what Gary Gensler thinks, he is NOT a government of one. He is a bureaucrat who answers to Congress.”

During the Financial Services Committee hearing on Wednesday, Emmer raised questions regarding Gensler’s impartiality, considering his extensive 18-year career at Goldman Sachs, where he held various positions and amassed considerable wealth. Emmer directly asked Gensler if it was possible for him to serve as an impartial regulator without favoring large financial intermediaries, given his background.

Price Action: At the time of writing, Bitcoin (CRYPTO: BTC) was trading at $26,365.36, up 0.43% in the last 24 hours, according to Benzinga Pro.

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Photo by Third Way Think Tank on Flickr