A US lawmaker has proposed to slash SEC chair Gary Gensler’s salary to $1.

Currently, Gensler earns upwards of $300,000 per year for his duties as head of the SEC.

Rep. Tim Burchett has proposed drastic changes in The Financial Services and General Government bill to cut funding to the SEC and other government agencies.

It is a broad piece of legislation that aims to significantly reduce government spending across the sectors.

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