After expressing his intentions to propose legislation, US Congressman Warren Davidson has officially introduced a bill seeking the removal of SEC Chair Gary Gensler. At the end of Gensler’s congressional hearing, Davidson called for restructuring the SEC.
In a statement, Davidson attributed Gensler’s “failure to protect investors and abuses of power” as reasons for the proposed overhaul of the regulatory body. His closing remarks outlined the introduction of legislation appointing an executive director to report directly to the board.
🚨I’m calling to restructure the @SECGov and the removal of Chair @GaryGensler. Watch my closing remarks from today’s hearing where I lay out the abuse of power and failure to protect investors that has occurred. pic.twitter.com/SNXio9Zbej
— Warren Davidson 🇺🇸 (@WarrenDavidson) April 18, 2023
US Congressman advocates Gensler’s dismissal
In the wake of a high-profile congressional hearing, US Congressman Warren Davidson has formally presented legislation calling for the removal of SEC Chair Gary Gensler. Davidson advocated for the restructuring of the regulator, citing abuses of power in his closing remarks.
Before the hearing, Davidson announced his plan to introduce the legislation via Twitter. He described the move as an effort to “correct a long series of abuses” by Gensler during his tenure as Chairman. The proposed legislation seeks to replace the chairman’s role with an Executive Director position, who would work closely with the board and exclude former SEC chairs from consideration.
The hearing brought Gensler’s controversial approach to crypto regulation into the spotlight. Davidson officially presented the legislation in his closing remarks, in which he expressed dissatisfaction with Gensler’s “abuse of power and failure to protect investors.”
Gensler has served as SEC Chair during some of the industry’s most significant fraud cases. He has consistently pushed for ambiguous regulatory action, favoring industry enforcement over constructive dialogue and collaboration.
