News Column

Obama to Nominate White to Head SEC

Jan. 24, 2013
Securities and Exchange Commission

A White House official said President Obama would nominate attorney Mary Jo White to serve as chairwoman of the Securities and Exchange Commission.

White is a former federal prosecutor who litigated high profile terrorist cases, including the 1993 bombing of the World Trade Center in New York and the 1998 bombing of two U.S. embassies in Africa, The Washington Post reported Thursday.

The official, who asked to remain anonymous, said Obama would also nominate Richard Cordray to continue as director of the Consumer Financial Protection Bureau.

Cordray is the interim head of the agency that was created by the Dodd-Frank financial overhaul law. His initial nomination was not confirmed in part because Republicans wanted to send a message of protest concerning the creation of the CFPB, the Post said.

White would take over following the resignation of Mary Schapiro, who was charged with pulling the SEC through the aftermath of the financial crisis of 2008.

Before Schapiro took over, the SEC was accused of being asleep at the wheel, missing several cues to stop infamous Ponzi scheme operator Bernard Madoff and failing to prevent abuses that contributed to the financial crisis.

The CFPB is carving its niche in the regulatory landscape. "In just the past year, Cordray and the CFPB have made remarkable progress in strengthening consumer protections," the White House official said.

The bureau has created new lending rules and initiated steps to control debt collectors, the official pointed out.

Source: Copyright United Press International 2013

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