William F. Johnson Can the President Fire the SEC Chair or Other Commissioners?
Even if the President could entirely remove and/or reappoint the Chair or other Commissioners, the President would still have to meet the statutory requirements regarding political party affiliations and staggered terms.
September 04, 2024 at 12:38 PM
16 minute read
Columns
On July 27, 2024, former President Donald Trump gave a keynote address at the Bitcoin 2024 conference in Nashville, Tennessee. During this address, Trump announced his intention, if elected in November, to remove Securities and Exchange Commission ("SEC" or "the Commission") Chair Gary Gensler "on day one" and appoint a new Chair.1 Trump is not the first politician to call for the SEC Chair's removal. In September 2008, then-presidential candidate John McCain vowed to remove SEC Chair Christopher Cox.2 Trump is also not the first politician to call for Gensler's removal. House Representatives Warren Davidson and Tom Emmer introduced the SEC Stabilization Act in June 2023 to "restructure the Securities and Exchange Commission and remove Gary Gensler as Chair of the SEC."3
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