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May 16, 2013

New SEC chief Mary Jo White begins job with pressure to tackle rules

Her pictures are not even on her office wall yet, but Mary Jo White already is getting pulled into an arena in which she’s untested: writing regulations.

Since she took over as head of the Securities and Exchange Commission a month ago, Congress has pressed the former federal prosecutor to pump out long-overdue financial regulations required by the Dodd-Frank Act and rewrite key rules that govern the capital markets. This week, lawmakers are applying more pressure to get the job done — on their terms.

The House passed a measure Wednesday that gives the SEC an Oct. 31 deadline to adopt a portion of the JOBS Act, which aims to make it easier for small businesses to raise money. On Friday, another bill is scheduled to reach the House floor that would reinforce the need for the agency to do thorough cost analyses of any rules it’s considering.

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Dennis Kelleher, chief executive of Better Markets, said his nonprofit group vehemently disagrees with the SEC’s position. But he also said the rules were in the making for so long that they were bound to move no matter who the chairman was, he said.

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Read full Washington Post article here

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