“President Obama will nominate Mary Jo White, a former federal prosecutor in New York, to head the Securities and Exchange Commission, the watchdog agency that monitors Wall Street and corporate financial disclosures.
“The nomination will be announced later Thursday, an administration official told CNN.”
“White is best known for her nine years as the the chief federal prosecutor for the Southern District of New York, a territory that includes Wall Street. She built a reputation as a tough prosecutor, taking on complicated financial fraud, terrorism and organized crime.”
“White would take over the top job running the SEC from Elisse B. Walter, who stepped up to the position last November when Mary Schapiro stepped down. Walter had made it clear she would only serve a brief time.
“Watchdog and advocacy groups applauded White’s expected nomination.
“”She knew who the bad guys were, went after them and put them in prison when they broke the law,” said Dennis Kelleher, president of Better Markets, an advocacy group for financial markets accountability. “That’s what must happen if integrity and investor confidence is to be restored in our securities markets.“”
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