FIRST ON FOX: A pair of House Republicans introduced a bill to eliminate the Stock Exchange and Securities Commission chairman (SEC) from his position.
Rep. Warren Davidson, R-Ohio, and House Majority Whip Tom Emmer, R-Minn., introduced the SEC Stabilization Act that would restructure the SEC and remove Chairman Gary Gensler from his position .
GOP lawmakers point to what they say is Gensler’s “long series of abuses that have been allowed under the current structure of the SEC.”
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“US capital markets must be protected from a tyrannical president, including the current one,” Davidson said.
“That is why I am introducing legislation to fix the ongoing abuse of power and ensure protection that is in the best interest of the market for years to come,” he continued. “It’s time for real reform and to remove Gary Gensler as SEC chairman.”
“American investors and industry deserve clear and consistent oversight, not a political game,” Emmer said in the statement. “The SEC Stabilization Act will make common sense changes to ensure that the SEC’s priorities are with the investors it must protect and not the whims of its reckless chairman.”
“Thank you, Representative Davidson, for leading this important effort to restore sanity to the SEC,” Emmer added.
Davidson and Emmer’s bill would remove Gensler from his post as head of the SEC and restructure the commission to redistribute the chair’s power to other commissioners, add a sixth commissioner to the agency and create an executive director position to oversee day-to-day operations.
The commissioners would still have rulemaking, investigative and enforcement authority and would be subject to six-year staggered terms.
In addition, the SEC Stabilization Act would prevent any political party from controlling more than three seats on the commission and implement a structure similar to the Federal Election Commission (FEC).
The SEC did not immediately respond to Fox News Digital’s request for comment.
Gensler was recently grilled at a House Appropriations Subcommittee hearing by Rep. Byron Donalds, R-Fla., regarding the infamous Steele dossier paid for by the former secretary of state’s 2016 presidential campaign Hillary Clinton.
The SEC chairman was the CFO of Clinton’s ill-fated presidential campaign.
The dossier scandal—funded by the Democratic National Committee and Hillary Clinton’s presidential campaign through the law firm Perkins Coie—provided the liberal media with countless anti-Trump headlines and cable news segments and helped mark the tone of years of feverish daily coverage of Russiagate.
“Did you facilitate the Steele dossier payment since you were Hillary Clinton’s campaign finance director?” Donalds asked, referring to the compendium of unverified rumors about Donald Trump that was shared with the FBI.
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Gensler appeared exasperated by the question, beginning to answer, “Sir,” before telling him to answer “yes or no.”
“It wasn’t something I was aware of,” Gensler replied.
Fox News Digital’s Timothy HJ Nerozzi contributed reporting.