U.S. lawmakers introduce a bill to impeach SEC Chairman Gary Gensler

ChainCatcher news, according to Fox News, two Republican members of the U.S. House of Representatives have submitted a bill to restructure the U.S. SEC and remove SEC Chairman Gary Gensler.

Republican lawmakers stated that Gensler "has been allowed a range of abuses under the current SEC structure," and that legislative action is needed to address the issue of power abuse to protect the U.S. capital markets from the overreach of the SEC chairman. "Now is the time for real reform and to fire SEC Chairman Gary Gensler."

The bill proposes to redistribute the chairman's powers to other commissioners, add a sixth commissioner to the agency, and establish an executive director position to oversee daily operations. Additionally, it prohibits any political party from holding more than three seats in the agency, implementing a structure similar to that of the Federal Election Commission (FEC). (source link)