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President Barack Obama will nominate Mary Jo White to lead the Securities and Exchange Commission, tapping an attorney with broad experience in prosecuting white-collar crimes to lead an agency that has a central role in implementing Wall Street reform.
White House press secretary Jay Carney said: “She’s got an incredibly impressive resume.”
“The President is very pleased to be able to nominate her.”
Obama will also renominate Richard Cordray to serve as head of the Consumer Financial Protection Bureau, a White House official said. The President used a recess appointment last year to circumvent Congress and install Cordray as head of the Bureau. That appointment expires at the end of this year.
The official spoke on the condition of anonymity in order to discuss the nomination before the president announces it.
White spent nearly a decade as the US attorney in Manhattan, building a reputation as a tough prosecutor with an expertise in pursuing white-collar crimes and complex securities and financial fraud cases. White House officials say that experience makes her well-positioned to implement Obama’s Wall Street reform legislation.
While serving as US attorney, White also won convictions related to the 1998 bombings of two US embassies in Africa and the 1993 World Trade Center bombing.
If confirmed by the Senate, White would take over the helm at the SEC from Elisse Walter, who is serving out the rest of former SEC chairwoman Mary Schapiro’s term. Schapiro resigned in December.
In 2000, White led the criminal prosecution of more than 100 people, including members of all five New York crime families, accused of strong-arming brokers and manipulating prices of penny stocks. The action was called one of the biggest crackdowns on securities fraud in US history at the time.
White’s office also won a record $606 million in restitution from the securities arm of the Republic New York Corp bank in 2001. That year, the bank pleaded guilty to conspiring with an investment adviser to hide hundreds of millions of dollars in losses from Japanese investors.
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