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March 14, 2013

SEC Chair Nominee White Promises Rulemaking Push

President Barack Obama’s nominee for chairman of the Securities and Exchange Commission, Mary Jo White, said Tuesday she’ll move quickly to complete required rulemaking under the Dodd-Frank Act and Jumpstart Our Business Startups Act if confirmed for the job, as the agency has already missed several key deadlines for new rules. Ms. White also said she would make it a priority to move forward with potential reforms to money market funds and strengthen the SEC’s enforcement program.

““The SEC needs to get these rules right, but it also needs to get them done,” Ms. White told the Senate Committee on Banking, Housing & Urban Affairs at a hearing in Washington, D.C. on Tuesday. “There’s no higher priority,” she added, though she also said that a final determination of her top priorities would have to wait until after she officially starts.

The agency has struggled to meet deadlines to implement rules required by both the Dodd-Frank Act and JOBS Act since they were signed in 2010 and 2012. The Dodd-Frank Act alone contained 90 provisions that required SEC rulemaking and dozens of others that gave the agency some discretionary rulemaking. The SEC says on its website that it has adopted or proposed rules for more than three-quarters of the Dodd-Frank Act. Though some aspects of the JOBS Act went into effect immediately, the agency has missed deadlines on some provisions that would lift an advertising ban for private fundraising or allow crowdfunding.”


Read full Wall Street Journal blog post here

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