Former Federal Prosecutor Mary Jo White nominated as the Head of SEC
On Thursday White House nominated former government prosecutor Mary Jo White as the Head of SEC (Securities and Exchange Commission). Mary Jo White has a great experience of protecting the positive figures on Wall Street. However, mary has an outsized reputation for prosecuting terrorists and mob bosses. 65 year old women can become the third consecutive women holding the seat of SEC Head.
President Obama said that she is not someone to mess up. During a press conference at White House, President said that she does not intimidate easily. And that’s why she is suitable for such an important position. He also warned that administration will put banks and markets on a tight strap. The message again confirms and points towards the strong liberal agenda he outlined during his inauguration.
President said that White will bring balance to the position, because she has spent her recent years in private practice by representing some major market players during financial crisis. On of such players is Bank of America. Market also praised the selection of President Obama. Some Wall Street advocates said that Mary White will be able to steer the agency in right direction, which will ultimately lead to the better performance of market.
President also re-nominated Richard Cordray as the head of Consumer Financial Protection Bureau. Needless to say, CFPB is the managing authority of U.S. government for consumer products like student loans and so on.
Charles Schumer, the powerful Senate member who has the seat of Senate Banking Committee, also praised the selection of President Obama and said that Marry White will be confirmed easily. Other several Senate members also presented similar thoughts on the appointment of Mary Jo White, saying that she will do the hard work for protecting the market from fraudsters.
Charles Grassley, a Republican Senator, also said that having an SEC Head who has prosecutorial experience is undoubtedly a good thing. Mary White will succeed Elisse Walter, the current SEC Chairman who took over the charge after her predecessor Mary Schapiro stepped down. After Schapiro, SEC got divided between two Republicans and to Democrats. Observers says that due to the split, it was becoming nearly impossible to apply the rules and regulations. Volcker rule is also one of those important rules, which are still remaining to be applied. Hopefully these rules will get some good luck after the appointment of Mary Jo White.