SEC chair to step down prior to Trump’s inauguration

by Ryan Smith15 Nov 2016
The chair of the Securities and Exchange Commission will step down before the inauguration of Donald Trump, it has been reported.

Mary Jo White will leave the position in January, according to NPR. A former US attorney, White is considered a moderate who tried to unite a politically divided agency.

“It has been a tremendous honor to work alongside the incredibly talented and dedicated SEC staff members who do s much every day to protect investors and our markets,” White said in a statement today. “I am very proud of our three consecutive years of record enforcement actions, dozens of fundamental reforms through our rule-makings that have strengthened investor protections and market stability, and that the job satisfaction of our phenomenal staff has climbed in each of the last three years.”

The SEC implemented most of the rules resulting from Dodd-Frank under White’s leadership, according to NPR. But some liberals – notably Massachusetts Sen. Elizabeth Warren – criticized White for not pursuing shady bankers more aggressively.

With White’s departure, the commission – which is supposed to have five members – will be down to two, a Democrat and a Republican, NPR reported. President Obama has nominated two additional commissioners, but Republicans in the Senate have refused to give them a vote.

It will now likely fall to Donald Trump to get the SEC back up to strength.
 

Poll

Should CFPB have more supervision over credit agencies?