Representative Tom Emmer who co authored the bill was quoted as saying:

“The SEC Stabilization Act will make common-sense changes to ensure that the SEC’s priorities are with the investors they are charged to protect and not the whims of its reckless Chair."

Analysts say the bill would fire Gensler from his post as SEC chairman. It would also reduce executive powers held by the SEC chair. Increasing the power and authority held by SEC commissioners. A sixth commissioner post would be added to the existing five. Along with a newly proposed executive director position to further decentralize the power of the SEC chair position.

These proposals would appear to imply some US lawmakers believe power has become too heavily centralized within the SEC chairman position. With regulation of the SEC being necessary to decentralize the chairman's executive powers. 

Given recent trends relating to decentralized finance in crypto "decentralize Gary Gensler and the SEC" is an interesting proposal to say the least.

Have we reached peak 2023 finance with these latest news headlines? 

Maybe the world needs more "in capitalist america cryptocurrency decentralize SEC" jokes.

Source:  https://cointelegraph.com/news/breaking-us-lawmakers-file-sec-stabilization-act-to-fire-gary-gensler