Emmer: Despite what Gary Gensler thinks, he is not a government of one
Washington, September 27, 2023
WASHINGTON– Majority Whip Tom Emmer discussed today’s Financial Services hearing where SEC Chair Gary Gensler is testifying. Whip Emmer has been an outspoken critic of Chair Gensler’s “failed leadership,” calling him an “incompetent cop on the beat” for his role in confusing the marketplace and pushing American firms straight into the hands of the Chinese Communist Party.
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Whip Emmer: “I identify with both the Conference Chair’s remarks and Michael Cloud’s remarks, but for me it’s a big day in Congress for more reasons than what we’ve talked about so far. Today, SEC Chair Gary Gensler is going to testify before the House Financial Services Committee, and boy does he have a lot to answer for. Under Gary Gensler’s leadership, I would say failed leadership, the SEC has been an incompetent ‘cop on the beat.’ Throughout his career, Gensler has been relentlessly loyal to the biggest institutions at the expense of everyday Americans. Today, he’s going to face some important questions about that. Gary Gensler has worked to consolidate his own power even though it means crushing opportunities and frankly the financial future of this country. This strategy hasn’t been successful for him as you know the SEC continues to lose again and again in the courts on its crusade against digital asset innovation. So, it should be increasingly obvious that the crypto industry is not an industry ‘rife with noncompliance.’ Rogue bureaucrats like Gary Gensler are supposed to be working for the people, not reigning over them. I, for one, would like to see the SEC return to its mission and make sure that they protect opportunities for every American who wants to participate in the greatest capital markets in the world. Digital asset innovation is an important part of that. Despite what Gary Gensler thinks, he is not a government of one. He is a bureaucrat who answers to Congress, and I look forward to having him before our committee today. Now, I turn it over to our beloved leader, the toughest man in Congress, Steve Scalise.”