President Barack Obama has nominated 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.
Obama also renominated Richard Cordray to serve as head of the Consumer Financial Protection Bureau. 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.
White spent nearly a decade as the U.S. attorney in Manhattan, building a reputation as a tough prosecutor with an expertise in pursuing whitecollar 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.
If confirmed by the Senate, White would be the first prosecutor to head the 79-year-old SEC. Most SEC chairmen traditionally have come from Wall Street or the ranks of private securities lawyers. The choice of White is likely intended to bolster the agency’s enforcement profile in the aftermath of the financial crisis.