Warren Davidson plays David in a bid to dethrone SEC's Goliath, Gary Gensler. Legality of such a move remains murky.
Members of the United States House of Representatives are pushing for ways to remove Securities and Exchange Commission Chair Gary Gensler from his position, but the legality may be more complicated than a single piece of legislation.with the expressed intention of firing Gensler. The SEC chair has served as head of the commission since being sworn into office in April 2021, with a term expected to end in 2026.
While Davidson made serious allegations against Gensler for misconduct and abuse of power, removing an independent agency official nominated by the U.S. president and confirmed by the Senate is no small matter. For example, while U.S. presidents can an SEC commissioner to resign or apply subtle political pressure to do so, it’s possible they do not have the sole authority to fire one.that forcing an SEC official to leave requires some cause. A 2010 Supreme Court decision ruled that commissioners could not be removed by the president except for certain circumstances, qualifying as “standard of inefficiency, neglect of duty, or malfeasance.”
Other officials, like cabinet secretaries, serve “at the pleasure of the president” — i.e., they can be asked to leave at any time. Members of Congress can also expel fellow lawmakers with a two-thirds vote, though this approach is so rare it has happened only 20 times in the entirety of U.S. history.
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