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GLOBAL Market, Today's Recap:

US Congressman Warren Davidson has introduced the "SEC Stabilization Act" in the House of Representatives, which aims to restructure the Securities and Exchange Commission (SEC) and remove its Chairman, Gary Gensler.

The bill was announced on June 12, 2023. According to Congressman Davidson, the bill intends to address ongoing abuses of power and ensure protection that is in the best interest of the market in the years to come.

He also stated that it is time for real reform and to dismiss Gary Gensler from his position as Chairman of the SEC. The bill is supported by Tom Emmer, the Majority Leader in the House of Representatives.

Lawmakers point to what they perceive as "a long series of abuses allowed under the current structure of the SEC" by Gensler[3]. The bill would remove Gensler from his position as the head of the SEC and restructure the agency.