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March 20, 2013

Dismissing Concerns, Panel Backs White’s S.E.C. Nomination

“Mary Jo White cleared an important hurdle on her path to becoming a top Wall Street regulator when a panel of lawmakers overwhelmingly backed her nomination on Tuesday.

Dismissing concerns about Ms. White’s close ties to Wall Street, the Senate Banking Committee cast a 21-to-1 vote in her favor, sending her nomination to the full Senate for a vote. The committee’s bipartisan support for Ms. White, President Obama’s pick to lead the Securities and Exchange Commission, suggests she is poised to sail through the Senate in the days ahead.

In contrast, the committee offered muted support for another financial regulator, Richard Cordray, who is in line to lead the Obama administration’s new consumer protection watchdog. Mr. Cordray eked out a 12-to-10 vote along party lines on Tuesday, indicating that he is likely to face a confirmation fight in the full Senate. In a reflection of the entrenched political battle lines plaguing the agency, every Republican voted against him.”

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Read full New York Times article here

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