Republicans Seek to Remove Gensler from SEC Over Allegations of Abuse of Power

A group of Republican lawmakers on Tuesday introduced a bill that would remove Gary Gensler from his position as chairman of the Securities and Exchange Commission (SEC).

The bill, which was introduced by Sens. Ted Cruz (R-Texas) and Bill Hagerty (R-Tenn.), would allow the president to remove the SEC chairman for “inefficiency, neglect of duty, or malfeasance in office.”

“Gary Gensler has been a disaster for investors and the American economy,” Cruz said in a statement. “He has used his position at the SEC to advance his radical agenda, which has hurt investors and stifled economic growth.”

Gensler has been a target of criticism from Republicans since he was appointed to the SEC by President Biden in 2021. Republicans have accused Gensler of being too aggressive in regulating the financial industry and of stifling innovation.

The bill to remove Gensler is unlikely to pass the Democratic-controlled Senate. However, it is a sign of the growing frustration among Republicans with Gensler’s leadership at the SEC.

“Gary Gensler has shown that he is unfit to serve as chairman of the SEC,” Hagerty said in a statement. “This bill is a necessary step to protect investors and the American economy from his harmful policies.”