WASHINGTON, DC — During today’s House Financial Services Committee hearing with Securities and Exchange Commission (SEC) Chair Gary Gensler, Rep. Warren Davidson (R-OH) outlined Chairman Gensler’s abuse of power and failure to protect investors. For these reasons, Rep. Davidson called for the removal of the SEC Chair through a restructure of the Commission.
“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,” said Rep. Warren Davidson. “Former Chairs of the SEC will be considered ineligible.”
During today’s Financial Services hearing, Rep. Davidson outlined the following abuses committed by SEC Chair Gary Gensler:
- Abusing rule proposals by averaging more than 2 new SEC rules per month.
- Inappropriately short public comment periods.
- Unworkable, and unlawful, ESG disclosure mandates.
- Hotel California rules for crypto:
- The ability to check in (with the SEC) any time, but never have the ability to leave (with approval).
- Endless discovery with no resolution and no clarity for captives or the market.
- An unworkable proposal for overhauling equity market structure.
- A de facto ban on crypto through the proposed custody rule.
- Failing to work with Congress.