According to Fox News:

Rep. Warren Davidson, R-Ohio, and House Majority Whip Tom Emmer, R-Minn., introduced the SEC Stabilization Act that would restructure the SEC and remove Chairman Gary Gensler from his post.

The GOP lawmakers point to what they say is Gensler's "long series of abuses that have been permitted under the current SEC structure."

"U.S. capital markets must be protected from a tyrannical Chairman, including the current one," Davidson said.

"That's why I'm introducing legislation to fix the ongoing abuse of power and ensure protection that is in the best interest of the market for years to come," he added. "It's time for real reform and to fire Gary Gensler as Chair of the SEC."

"American investors and industry deserve clear and consistent oversight, not political gamesmanship," Emmer said in the same release. "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."

"Thank you, Representative Davidson, for leading this important effort to restore sanity at the SEC," Emmer went on to add.

The bill proposed by Davidson and Emmer aims to bring about significant changes within the SEC. It seeks to oust Gensler from his current position as the chair and reorganize the commission by redistributing power among the commissioners. To accomplish that, the bill proposes the addition of a sixth commissioner to the SEC and the establishment of an executive director role responsible for overseeing day-to-day operations, Fox News reported.