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Former Federal Prosecutor Rumored for SEC Chair

Debra Wong Yang, a former U.S Attorney for the Central District of California, met with President-elect Donald Trump on Monday in New York City and is reportedly being considered to head the Securities and Exchange Commission.

If Yang is chosen as SEC chair, she will replace Mary Jo White, who recently announced that she would be stepping down from her post in January of next year when Obama leaves office. White also served as a federal prosecutor before taking the helm of the agency in April 2013.

Yang, who was appointed by President George W. Bush in May 2002, led the largest United States Attorney’s Office outside of Washington, D.C., serving the approximately 18 million people. She resigned from the federal prosecutor position in November 2006 to join Gibson, Dunn & Crutcher LLP, and serves as co-chair of the firm’s crisis management practice group and the white collar defense and investigations practice group.

She has close ties with New Jersey Governor Chris Christie, and her firm was hired by the controversial governor to assist with the internal investigation of the Bridgegate scandal. She has also hosted fundraisers in Los Angeles for his unsuccessful presidential campaign.

Yang received her juris doctor from Boston College Law School and has served as a California state judge – appointed to the Los Angeles Municipal Court in 1997 and later as a member of the Los Angeles Superior Court bench in 2000.

Speculation has been swirling in recent weeks as to who will replace White, and Trump’s team has not engaged in public discussions on her successor at this time. Trump has advocated for financial deregulation, specifically relating to the Dodd-Frank Act, and appointed Patomak Global Partners CEO Paul Atkins to lead his transition team for financial regulatory appointments. Atkins is a former SEC commissioner appointed by George W. Bush, and some have speculated he could ultimately replace White as chair of the SEC.

The SEC has five commissioners who are appointed by the president and no more than three may belong to the same political party. There are currently two vacant seats, and with White’s departure, only two commissioners will remain come January 21, 2017—Democrat Kara Stein and Republican Michael Piwowar.

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