TechFlow news — According to Fox News, two Republican members of the U.S. House of Representatives have introduced the SEC Stability Act, aiming to restructure the Securities and Exchange Commission (SEC) and remove its current chair, Gary Gensler.
Republican lawmakers stated that under the current structure of the SEC, Gensler has been allowed to abuse his power. To protect U.S. capital markets from arbitrary influence, legislative action is necessary to address such abuses and ensure safeguards aligned with the market's best interests in the coming years. They argue that "now is the time for real reform and to remove SEC Chair Gary Gensler."
The bill stipulates that the chair’s powers should be redistributed among other commissioners, adds a sixth commissioner, and establishes an executive director position to oversee daily operations.
In addition, it prohibits any single party from holding more than three seats on the commission and implements a structure similar to that of the Federal Election Commission (FEC).
