Blamed for “kneecapping” the U.S. capital markets and slammed for dodging questions around Bitcoin and Pokemon cards, Gary Gensler appears to have had one hell of a grilling from Congress this week.
On Sept. 27, the United States Securities and Exchange Commission chief again found himself in front of lawmakers in a scheduled hearing to discuss his agency’s oversight of the markets.
Here are some of the highlights and lowlights of the hearing.
“You are the Tonya Harding of securities regulations.”
One of the more colorful analogies came from United States Representative Andy Barr, who accused Gensler of “kneecapping” the U.S. capital markets with regulatory red tape.
Barr referred to an old testimony from Gensler, where Gensler argued that the U.S. is the largest, most sophisticated and innovative capital market in the world and that it shouldn’t be taken for granted as “even gold medalists must keep training.”
“With all due respect Mr. Chairman, if the U.S. capital markets are a gold medalist, you are the Tonya Harding of securities regulations,” said Barr.
“You are kneecapping the U.S. capital markets with the avalanche of red tape coming out of your Commission.”
Barr is presumably referring to a scandal where U.S. ice skater Tonya Harding hired an assailant to attack her rival, Nancy Kerrigan, in the lead-up to the 1994 United States Figure Skating Championships and the Winter Olympics. Kerrigan ended up not competing in the U.S. championships.
Mr. Barr to Gensler:
“If the US capital markets are a gold medalist, you are the Tonya Harding of securities regulation because you are kneecapping the US capital markets…”
— John Dickens (@johnLdickens) September 27, 2023
“I wish the Biden administration would say you’re fired.”
Meanwhile, U.S. Representative Warren Davidson also ripped into Gensler, saying he hoped that the Biden administration would fire him.
“I wish the Biden administration would say you’re fired,” said Davidson.
Davidson accused Gensler of pushing a “woke” political and social agenda and abusing his role as the SEC’s Chair.
Gary Gensler’s tenure at the SEC highlights two key problems.
1) @GaryGensler problem
2) @SECGov structural problemThat’s why I introduced the SEC Stabilization Act to #FireGaryGensler and restructure the SEC. pic.twitter.com/Ud3giejKfZ
— Warren Davidson (@WarrenDavidson) September 27, 2023
The U.S. representative added that he hopes the…
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