Congressman Warren Davidson (R-OH) has criticized Securities and Exchange Commission (SEC) Chairman Gary Gensler, citing two major problems during Gensler's tenure.
Davidson said, “Gary Gensler's tenure at the SEC highlights two main problems – one with Gensler himself and one structural problem within the SEC.”
To address these concerns, Davidson introduced the SEC Stabilization Act, which aimed to “fire” Gensler and restructure the SEC.
Davidson tweets:
“That's why I introduced the SEC Stabilization Act to fire GaryGensler and restructure the SEC.”
Gary Gensler's tenure at the SEC highlights two key issues.
1) @GaryGensler problem
2) @SECGov structural problemThat's why I introduced the SEC Stabilization Act to #FireGaryGensler and restructure the SEC. pic.twitter.com/Ud3giejKfZ
— Warren Davidson
(@WarrenDavidson) September 27, 2023
Gensler faced harsh scrutiny and reprimand during a House Financial Services Committee hearing, specifically regarding the SEC's initiatives on climate-related disclosures and regulation of electronic money.
Republican representatives focused on these areas in particular, expressing their reservations and asking Gensler for clarification.
Davidson continues to challenge Gensler's actions regarding the ESG (Environmental, Social, and Governance) disclosure rule, asserting that his statements recognizing the authority of Congress and the courts conflict with his actual actions.
“Gary Gensler claims to recognize the authority of Congress and the courts, yet his actions on the ESG disclosure rule say otherwise. Turn it off, Gary Gensler. Please stop and cancel now.”
It is worth noting that Congressman Davidson also previously called for Gary Gensler to be removed from office through his “Stabilization Act” in June.
The proposed bill aims to restructure the SEC into a more democratic system instead of being led solely by an “autocratic chairman.”
Similarly, Congressman Tom Emmer criticized Gensler, highlighting his lack of impartiality as a regulator.
Emmer said:
“Gary Gensler is NOT an objective regulator and his answers to my questions today prove that. He has consistently demonstrated loyalty to the greatest institutions in America, but at the expense of innovation, competition and ordinary Americans.”
In a separate tweet, Emmer emphasized that Gensler must be held accountable by Congress.
“Despite what Gary Gensler thinks, he is NOT a government of one. He is an official who answers to Congress.”
During a Financial Services Committee hearing on Wednesday, Emmer raised questions regarding Gensler's impartiality, given his 18-year career at Goldman Sachs, where he held many positions. held various positions and accumulated considerable wealth.
Emmer directly asked Gensler whether he could Vai as an objective regulator without bias against major financial intermediaries given his background.
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