Dems Revolt Against Biden’s SEC Chair Over Increased Regulation

Joe Biden and some House Democrats are not getting along very well right now.

More specifically, a group of House Democrats are pushing back regarding increased regulations being proposed for some financial industries.

The regulations are being pushed by Biden’s Securities and Exchange Commission (SEC) Chairman, Gary Gensler.

Unhappy Democrats

Gensler is used to being attacked by Republicans, but this new push from Democrats has caught everyone by surprise.

Now, some House Democrats are starting to sound like Republicans in calling out Gensler for overreach in the financial sector.

For instance, Rep. Ritchie Torres (D-N.Y.) stated, "Gary Gensler is a politician masquerading as a regulator.”

Torres is a major supporter of crypto, something that has popped up on Gensler’s radar since the collapse of the FTX exchange.

During a recent House Financial Services Committee meeting, of which Torres is a sitting member, Torres hammered Gensler over the “investment contracts” that are central to Gensler trying to exercise authority over the crypto market.

Rep. Steven Horsford (D-NV) has also attacked Gensler but from a different angle, saying that his added regulations could dramatically impact minority small business owners.

He stated, "I respect his career and his longevity of service. But I think that it's important that in this moment that we're in we're not adopting regulations based on what was happening 10 and 20 years ago.

"Our economy is dynamic. AI is dynamic, it's going to change the way work works in this country, right? And at a time when we have regulations that are being adopted, we need to make sure that they are taking into account the changing dynamics of our economy.”

This is not good news for Gensler, who Republicans want removed, having introduced the SEC Stabilization Act, which would restructure the agency and redistribute its power to other commissioners as well as add a sixth commissioner.

The commission would then have an executive director to oversee the commission’s day-to-day operations.