Saturday, January 26, 2013

Ms. Mary Jo White as SEC Chairman: Sounds like a good idea

President Obama has nominated another woman for a high government position. Mary Jo White is officially being considered to head the SEC, the regulatory body for Wall Street. There is plenty at stake right now. Trying to clean up the marketplace of fraud has been a top priority for sometime now. Second, there are still regulations being considered, which have been put on hold because, well, our leaders just can't come to a consensus over anything.

What do we know about Ms. White?

  • First, the juicy stuff. She is now working as an attorney representing big banks - JP Morgan, Goldman Sachs, Bank of America, et. al. Yes, those incriminated in large financial violations of our time. The upside is that before her present tenure, she prosecuted white collar criminals. She has been on both sides of the aisle, so to speak, and apparently brings an objective perspective to the SEC.
  • As US Attorney for New York, she helped prosecute two of the attackers behind the 1993 World Trade Center bombing.
  • Democrats and Republicans are apparently fond of her. Ms. White first served under the Clinton administration as US Attorney and was then re-nominated by President Bush II.
  • Aside from her law degree, she holds an MA in psychology.
  • Her husband, John White, served at the SEC between 2006 and 2008.
  • My favorite: she took on Donald Trump and won. Enough said.
You can read more about her accomplishments here.

From what I'm reading, she is an impressive and one tough woman, one who many are betting can make real change for Wall Street. One of her top priorities will be to decide the fates of the Dodd-Frank provisions that have not passed yet. There is plenty on her plate right now, but if her track record is any precedence, she will, at the very least, make some modest headway at her position.

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