In response to what they describe as a "long series of abuses" under the leadership of SEC Chair Gary Gensler, two US lawmakers have introduced legislation to restructure the agency and remove Gensler from his position.

The bill, called the SEC Stabilization Act, would add a sixth commissioner to the SEC and create an Executive Director position to oversee the agency's day-to-day operations. It would also ensure that all rulemaking, enforcement, and investigation authority remains with the commissioners, who would serve staggered six-year terms.

The bill is designed to prevent a single political party from holding more than three commissioner seats at any time. This provision is intended to protect US capital markets from any future destabilizing political agenda. The proposed structure is similar to that currently in place at the Federal Election Commission.

The introduction of the SEC Stabilization Act comes after Gensler has been criticized by some for his handling of several high-profile cases, including the ongoing investigation into cryptocurrency exchange Binance. Gensler has defended his record, saying that he is committed to protecting investors and ensuring that the financial markets are fair and orderly. It remains to be seen whether the SEC Stabilization Act will be passed by Congress. However, the bill represents a significant effort to address perceived issues within the SEC and to ensure that the commission remains focused on its core mission of protecting investors.