SEC Chairman Gary Gensler of the US Legislature proposed to reduce the salary to $1

A US lawmaker wants to strip Securities and Exchange Commission Chairman Gary Gensler of his salary by paying him just $1 a year.

In an amendment to the Financial Services and General Government (FSGG), Rep. Tim Burchett proposed lowering Gensler's salary to $1, a broad proposal to avoid the regulator's money.

First introduced on July 13 this year, the FSGG Act is a sweeping piece of legislation that aims to drastically cut government spending across the board.

Gensler is estimated to earn north of $300,000 a year in his SEC role.

Burchett wasn't the only lawmaker to take aim at the SEC, whose overall bill aims to drastically cut funding for government agencies.

In the year In the year When he introduced the bill to the House Rules Committee on November 6, he said that the SEC, along with other government agencies, had fallen under control and were becoming an undue financial burden on the government.

Womack said the best course of action would be to defund the SEC, which would help limit the regulatory “assault” by forcing the regulator to focus back on its core mission.

“Specifically, we will strike down rules that lack a proper cost-benefit analysis and comprehensive impact analysis at the Securities and Exchange Commission.”

“Agencies under our jurisdiction perform important functions. However, many have exceeded their mandates, and the result has been a real disaster for the American people,” Womack added.

We are on an unsustainable trajectory.

My bill would direct Washington's wasteful spending to solve our dire fiscal situation. https://t.co/lWgyvHknQQ

— Rep. Steve Womack (@rep_stevewomack) November 6, 2023

Related: Bitcoin ETFs to an epic Gensler ‘rugpull?' Are you leading? Analysts weigh in.

This is not the first time that Gensler and his agency have been criticized by US politicians.

On June 12, US Reps. Warren Davidson and Tom Emmer introduced the SEC Stabilization Act to the House of Representatives, one of the main provisions of which would remove Gary Gensler as SEC Chairman.

If passed, the bill would fire Gensler and divide the agency's authority between the SEC chairman and commissioners. It would create the position of executive director and add a sixth commissioner to the agency so that no single political party holds a majority.

Davidson and Emmer have long been critics of the Gensler-led SEC, calling the SEC chairman a “bad-faith regulator” and “blindly spraying the crypto community with enforcement actions and losing real bad actors.”

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