Press Releases
Committee Republicans Grill SEC Chair Gensler Regarding His Disastrous Agenda


Washington, April 19, 2023 -

Today, the Republicans on the House Financial Services Committee held Securities and Exchange Commission (SEC) Chair Gary Gensler accountable for his disastrous agenda that threatens the dominance of U.S. capital markets and our competitiveness. As Chair Gensler repeatedly obfuscated and attempted to dodge questions, Republicans continued to force him to answer for his reckless rulemaking agenda, regulation by enforcement of the digital asset ecosystem, and disregard for the capital formation piece of the SEC’s statutory mission.

 

Chairman Patrick McHenry (NC-10) drilled down on Chair Gensler’s contradictory views on digital assets, specifically his belief as to whether Ethereum's token, Ether, should be considered a security or commodity. Despite having described the token as both a commodity and a security in different statements, Gensler repeatedly declined to answer the Chairman’s straightforward prompts, while simultaneously claiming that adequate laws exist to regulate and define digital assets.

Watch Chairman McHenry’s questioning here or by clicking the image above.

Oversight and Investigations Subcommittee Chairman Bill Huizenga (MI-04) grilled Chair Gensler on his refusal to comply with Committee Republicans’ requests for information regarding Gensler’s climate risk disclosure proposed rule. The disastrous rule exceeds the SEC’s authority, threatens to harm the economy and job creators, and upends decades of the materiality standard.

Watch Subcommittee Chairman Huizenga’s questioning here or by clicking the image above.

Capital Markets Subcommittee Chairman Ann Wagner (MO-02) blasted Gensler’s Commission on its unjustified equity market structure overhaul that is set to harm retail investors and make markets less efficient. Committee Republicans have been clear that the Securities and Exchange Commission has prioritized costly regulatory requirements over facilitating capital formation, harming small businesses and entrepreneurs and jeopardizing the strength of our capital markets.

Watch Subcommittee Chairman Wagner’s questioning here or by clicking the image above.

House Majority Whip Tom Emmer (MN-06) labeled Gensler “the incompetent cop on the beat” for his culpability in the turmoil surrounding the collapse of FTX and Terra Luna as Chair of the Securities and Exchange Commission. Whip Emmer made it abundantly clear that Gensler’s SEC does not have the tools to regulate the digital asset ecosystem and requires Congressional authority to do so.

Watch Whip Emmer’s questioning here or by clicking the image above.

Representative Zach Nunn (IA-03) slammed the SEC’s 'winner-loser’ model regarding its hard close and swing pricing proposal. Representative Nunn went on to illustrate how the proposal would benefit more sophisticated investors at the expense of everyday investors and place undue burdens on Americans saving for retirement.

Watch Representative Nunn’s questioning here or by clicking the image above.

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