Gary Gensler, the chairman of the Securities and Exchange Commission (SEC), received criticism from Congressman Warren Davidson, who specifically mentioned two issues that occurred under Gensler’s leadership.
According to Davidson, Gary Gensler’s time at the SEC “highlights two key problems: a problem with Gensler himself and a problem with the structure of the SEC.” Devidon proposed the SEC Stabilization Act, which seeks to “fire” Gensler and restructure the SEC, in order to calm these worries.
Gensler experienced serious safety precautions and warnings at the House Financial Services Committee hearing, notably with reference to the SEC’s supervision of cryptocurrencies and disclosures regarding climate change. The Republican representatives primarily focus on these issues, voicing their concerns and asking Gensler for clarity.
Additionally, Davidson questioned Gensler’s actions in relation to the ESG (Environmental, Social, and Governance) disclosure requirement, asserting that his claims of respecting the power of Congress and the courts were in stark contrast to what he really did.
“Gary Gensler claims to recognize the authority of Congress & courts, but his actions on the ESG disclosure rule say otherwise,” he wrote in a tweet. Gary Gensler, stop it. Please stop right away.
United States Representative Tom Emmer questioned Gensler’s objectivity during a hearing before the House Financial Services Committee due to his 18-year tenure with Goldman Sachs. In order to have Gary Gensler fired, Davidson previously declared his intention to draft new legislation.
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