SEC Chair Mary Jo White Stepping Down in January
Mary Jo White, chairwoman of the U.S. Securities and Exchange Commission, is stepping down from her post in January when President Barack Obama leaves office, the agency said on Monday. One of the longest serving SEC chairs, White spent decades as a federal prosecutor and securities lawyer before taking the helm of the agency in April 2013.
The chairwoman is the first major Obama appointee to announce their resignation in the wake of president-elect Donald Trump’s stunning win last week, although White was rumored to be leaving the agency regardless of the winner.
“My duty has been to ensure that the Commission implemented strong investor and market protections, and to establish an enduring foundation for future progress in the most critical areas – asset management regulation, equity market structure and disclosure effectiveness,” said Chair White. “Thanks to the hard work and dedication of the SEC’s staff, we have accomplished both.”
While speculation is swirling as to who will replace White, 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 speculate 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.
Under White’s leadership, the SEC completed most of its mandates under the Dodd-Frank Act and all of its mandates under the JOBS Act.
The agency brought more than 2,850 enforcement actions and obtained judgments and orders totaling more than $13.4 billion in monetary sanctions. The SEC charged more than 3,300 companies and 2,700+ individuals, including CEOs, CFOs, and other senior corporate officers.
White serves as a member of the Financial Stability Oversight Council and on several other domestic and international organizations, including the International Organization of Securities Commissions, the Financial Stability Board, the International Financial Reporting Standards Foundation Monitoring Board, the Financial And Banking Information Infrastructure Committee, And the Federal Housing Finance Oversight Board.
As the U.S. Attorney for the Southern District of New York from 1993 to 2002, she prosecuted cases involving complex securities and financial institution frauds, other white collar crime and international terrorists.
