Congress has developed a bill to dismiss the head of the SEC

Tom Emmer, who is the leader of Republicans in the House of Representatives, together with Warren Davidson, developed a bill demanding Gensler's resignation and restructuring of the department.

What is known about the bill

Emmer stated that this bill is called the "SEC Stabilization Act". It was developed in order to stop the abuse of authority by the department. In particular, this concerns Gensler.

He also stressed that US investors and the crypto industry require clear and reasonable supervision, and not some kind of political games. This law will make it possible to make an adjustment that is based on objectivity. This one will also guarantee that the priorities of the department will be based on investors, to whom the commission should provide protection, and not on the whims of its head.

Emmer also stressed that due to the term of office of the head, huge disadvantages in the structure were revealed. As a result of the provision of some freedom, the positions of other commissioners have become virtually unnecessary.

The initiative proposes to introduce another commissioner. Additionally, it is planned to create an additional position — executive director. He will monitor the daily activities of the department.

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