Rep. Bill Pascrell wants to amend an appropriations bill that would reduce the annual salary of former Rep. Scott Garrett from $215,001 to $1.
“Doing this can help protect the SEC and our economic markets, and aid Donald Trump in his purported mission to drain the swamp,” Pascrell said.
Garrett, who represented the district next-door to Pascrell from 2003 to 2017, was appointed to a post at the Securities and Exchange Commission (SEC) after the U.S. Senate rejected Trump’s nomination of him to lead the Export-Import Bank.
Under the Holman Rule, Congress can amend a spending bill to change the salary of a specific position. Pascrell’s amendment targets Garrett’s job.
“The SEC remains one of our most important bodies safeguarding the purity and efficiency of our bedrock financial institutions. Unfortunately, Donald Trump and congressional Republicans have been hard at work hobbling the agency by slashing enforcement and compliance positions through a debilitating hiring freeze,” said Pascrell, who noted that Trump exploited a loophole by hiring Garrett at the same time.
Pascrell said he opposed the reinstatement of the Holman Rule, which had been terminated in 1983 but revived by the GOP last year.
“As long as Republicans resuscitated it, here now is an opportunity to put it to good use,” said Pascrell. “My amendment would reduce Mr. Garrett’s salary to $1.00 per annum.”
Pascrell says that because Garrett’s job didn’t require congressional approval, Congress can’t seek to remove him.
“The SEC needs capable, dedicated professionals. Throughout his time in Congress, Mr. Garrett was an unswerving foe of the SEC’s core functions, and repeatedly sought to undermine its work,” said Pascrell. “Besides highlighting galling hypocrisy, awarding Mr. Garrett a salary of over $200,000 to enforce regulations he worked tirelessly to rip up defies any logic I can comprehend. There’s a reason Mr. Garrett’s fellow conservatives in the Senate rejected him for a post at the Export-Import Bank.”