Members of Congress proposed a bill to restructure the SEC and sacked President Gary Gensler

Warren Davidson, a member of the United States Congress, has proposed an official bill to remove SEC President Gary Gensler from his position, and further, to restructure the organization. Davidson cited Gensler's "failure to protect investors and unauthorized use of power" as the basis for the proposed restructuring of the regulatory agency. In addition, the proposed legislation calls for clear laws requiring direct reporting by the executive to the commission.

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Davidson stated that this is an attempt to "fix long-standing violations" by Gensler as the president. The legislation also calls for a change in the role of the chairman to that of a managing director and prohibits any former SEC chairman from having any role with the commission in the future.