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January 29, 2013

Obama’s SEC nominee faces tough scrutiny

Few people in Washington question the commitment of Mary Jo White, the nominee to lead the US securities regulator, when it comes to prosecuting mobsters and terrorists.

“It is her stance on corporate wrongdoing and capital markets policy that has lawmakers, their aides and other regulators questioning how Ms White will chair the oft-maligned Securities and Exchange Commission.

“The list of issues she will inherit is daunting. The SEC’s enforcement efforts have been criticised by Republicans and Democrats for allegedly being weak and the agency is lagging behind other US regulators in implementing the rules called for by the 2010 overhaul of financial regulation, known as Dodd-Frank.

“The SEC is due to propose even more rules as part of the Jobs Act, a relaxation of capital-raising laws finalised last year. And it is in the middle of a years-long effort in trying to reduce the risks posed by money market funds, a delay that has stretched on longer than anticipated because the agency has yet to convince policy makers about the need to act.”


Read full Financial Times article here 

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