Obama picks Mary Jo White to lead SEC

Tags: News
President Barack Obama will nominate Mary Jo White to lead the Securities and Exchange Commission, tapping an attorney with broad experience in prosecuting white-collar crimes to lead an agency that has a central role in implementing Wall Street reform.

A White House official said the president would announce White's nomination Thursday afternoon.

At the same event, Obama will renominate Richard Cordray to serve as head of the Consumer Financial Protection Bureau, the official said. The president used a recess appointment last year to circumvent Congress and install Cordray as head of the bureau. That appointment expires at the end of this year.

The official spoke on the condition of anonymity in order to discuss the nominations ahead of the president.

White spent nearly a decade as the US attorney in Manhattan, building a reputation as a tough prosecutor with an expertise in pursuing white-collar crimes and complex securities and financial fraud cases. White House officials say that experience makes her well positioned to implement Obama's Wall Street reform legislation.

While serving as US attorney, White also won convictions related to the 1998 bombings of two US embassies in Africa and the 1993 World Trade Center bombing.

If confirmed by the Senate, White would take over the helm at the SEC from Elisse Walter, who is serving out the rest of former SEC chair Mary Schapiro's term. Schapiro resigned in December.

Senate Republicans had opposed Cordray, as well as the concept of the consumer bureau. New Sen. Elizabeth Warren first conceived of the idea of a consumer protection bureau. Obama considered naming her to lead the bureau, but her nomination would likely have run into deep opposition on Capitol Hill.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Kerala, god’s own country, will always be free spirited

    Candy is dandy, but liquor is quicker,” the celebrated American poet Ogden Nash had once said famously.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Varun Dutt

<b>Riskfactor</b>:The over-the-top effect effect

The overconfidence effect is a bias in which someone’s subjective ...

Parvez Imam

The absoluteness in representations

When a representation replaces the original object or subject, a ...

Dharmendra Khandal

Religion and conservation must go hand in hand

In 1986, former president of WWF International, HRH Prince Philip, ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture