The SEC Stabilization Act, according to Davidson, seeks to fix the ongoing abuse of power and establish long-term market protection. “It’s time for real reform and to fire Gary Gensler as Chair of the SEC,” Davidson stated. Emmer emphasized that American investors and industries deserve clear and consistent oversight instead of political gamesmanship. He believes the proposed changes will ensure that the SEC’s priorities align with protecting investors rather than the personal interests of its chair.

The bill introduced by Davidson and Emmer outlines several key reforms. First, it calls for the removal of Gary Gensler from his position as SEC chairman. Additionally, it suggests redistributing power within the commission by reducing the authority of the chair and granting more influence to other commissioners. The bill also proposes the addition of a sixth commissioner and the establishment of an executive director position to oversee day-to-day operations.

The proposed legislation reaffirms that commissioners will retain their rulemaking, investigative, and enforcement authority. They will serve staggered six-year terms to ensure continuity and independence within the commission