A United States lawmaker wants to strip the Securities and Exchange Commission chair Gary Gensler of his salary by paying him just $1 per year.

In a proposed amendment to the Financial Services and General Government (FSGG), Rep. Tim Burchett suggested that Gensler’s salary be brought down to $1, as part of wider proposal to defund the regulator.

First introduced on July 13 this year, the FSGG bill is a wide-ranging piece of legislation that aims to significantly reduce government spending across the board.

Rep. Burchett’s proposed amendment to the FSGG bill. Source: House Committee on Appropriations

It’s estimated that Gensler earns north of $300,000 per year for his duties as head of…

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