Congressman Warren Davidson, Ohio’s 8th District in Congress, says he is introducing legislation that aims to fire SEC Chairman Gary Gensler.
The Securities and Exchange Commission (SEC) Chairman will be replaced by an Executive Director role and former chairs of the SEC will be ineligible, per the Congressman.
SEC Chairman Gary Gensler has been under fire by retail investors ever since he joined the commission in 2021.
For example, dark pool trading has risen under Gensler’s watch, leaving the average investor vulnerable in today’s market.
In 2022, retail investors petitioned to fire the SEC Chairman due to the SEC’s failure to enforce regulation that would level the playing field between retail investors and institutional investors.
The retail community has argued that hedge funds and market makers have too much power and take advantage of investors through Payment for Order Flow (PFOF), dark pool trading, and suppress the market through illegal naked short selling.
As of 2023, FTDs and dark pool volume continue to increase with no sight of relief for the average investor.
“To correct a long series of abuses, I am introducing legislation that removes the Chairman of the Securities and Exchange Commission and replaces the role with an Executive Director that reports to the Board (where authority resides). Former Chairs of the SEC are ineligible,” said Congressman Warren Davidson on Twitter.
Retail Says Hester Also Has to Go
Congressman Warren Davidson’s introduction to a legislation that would replace Gary Gensler was sparked from a comment SEC Commissioner Hester Peirce made – opposing views with the SEC Chairman on crypto.
However, many retail investors say Hester Peirce has to go too.
Hester Peirce is known for having ties with a lobbyist group of anti-regulators and for voting against the Short Sale Transparency Act in 2021.
Charles Payne asked The Commissioner in an interview what she thought about the injustices in the MMTLP scandal.
But Hester danced around the questions that affected investors only want simple answers too.
“You sound like a hedge fund brochure”, Charles Payne told Peirce.
And the SEC aren’t the only regulators under fire either – retail investors created a petition earlier this month calling out for the resignation of FINRA CEO Robert Cook.
FINRA Under Heat by MMTLP Community
Transcripts were released revealing FINRA knew about the manipulation of MMTLP stock at least a year in advance before the U3 halt and delisting of the ticker in December of last year.
Investors who held shares of MMTLP stock on the record date of December 12 would receive a preferred dividend of Next Bridge Hydrocarbon on Wednesday, December the 14th.
However, MMTLP stock stopped trading on Thursday, December 8 after FINRA delisted the security without notice or warning.
FINRA responded to investors affected by the aftermath in March, but the retail community are now calling for the resignation of FINRA CEO Robert Cook.
Nearly 7,000 investors have signed the petition at the time of this publication.
What do you think of Congressman Warren Davidson introducing a legislation to replace SEC Chairman Gary Gensler?
Investors online say both Gensler and Peirce have to go.
Would you agree?
Leave your thoughts below.
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