With Senate Approval, White Is Set to Run S.E.C.

The Securities and Exchange Commission (S.E.C.), known for its strict regulations on Wall Street, recently replaced their chairman. Mary Jo White was chosen to take Elisse B. Walter’s place on Monday. There has been a lot of attention on this position because Congress wants the agency to enforce more rules that would further limit financial fraud on Wall Street. Although she was chosen unanimously, some critics suspect that she will favor large banks like JPMorgan Chase. Conversely, people who were familiar with her performance as a prosecutor believe strongly that she is the right person for this position. She is known for her ability to prosecute criminals and thoroughly investigate crimes.

With the background of a prosecutor, White will be able to eliminate fraud that occurs in the financial industry. Congress should allow her to oversee Wall Street because she has prior knowledge. Also, she proposes to sever all ties with the private firm she worked with previously to show the public that she has the ability and determination to regulate Wall Street.

 

Written By: Melody Mark

Source:

Protess, Ben. “With Senate Approval, White Is Set to Run S.E.C.” New York Times. The New York Times Company, 08 Apr. 2013. Web. 08 Apr. 2013.

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