A US lawmaker wants to cut the salary of United States Securities and Exchange Commission (SEC) Chair Gary Gensler to $1 per year.

Representative Tim Burchett proposed lowering Gensler's salary to $1 in a proposed modification to the Financial Services and General Government (FSGG) as part of a larger proposal to defund the regulator.

The FSGG bill, which was introduced on July 13 of this year, is a broad piece of legislation that seeks to substantially decrease government spending across the board.

It is estimated that Gensler earns more than $300,000 per year as SEC chairman.

Burchett was not the only lawmaker to target the SEC, with the overall bill aiming to drastically reduce funding to a number of government agencies.

On Nov. 6, Representative Steve Womack introduced the bill to the House Rules Committee, stating that the SEC, among other agencies, had fallen victim to regulatory overreach and was becoming an undue financial burden on the government.

Womack believes that defunding the SEC would help limit its regulatory "intrusiveness" while forcing the regulator to return to its core mission.

“Specifically, we turn off rulemakings at the Securities and Exchange Commission that lack proper cost-benefit analysis and aggregate impact analysis.”

“To be clear, the agencies under our jurisdiction perform important functions; however, many have strayed from their mandate and the results have been a true disservice to the American people,” Womack added.

Sources:

https://cointelegraph.com/news/gary-gensler-salary-one-dollar-sec-proposed-bill-lawmaker

https://www.congress.gov/118/crpt/hrpt145/CRPT-118hrpt145.pdf

https://www.sec.gov/about/careers/sec-compensation

https://twitter.com/rep_stevewomack/status/1721667721815876033