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March 12, 2013

SEC Nominee White: Completing Rulemaking 'Immediate Imperative'

President Obama’s nominee to head the Securities and Exchange Commission will tell lawmakers Tuesday that completing the rulemaking process mandated by Dodd-Frank is an “immediate imperative,” responding to concerns raised by her background that she would focus on prosecution to the detriment of the rulemaking process.

“Mary Jo White also tried to appease the financial industry’s fears of a lack of cost-benefit analysis at the SEC when rules are being made. She stressed that in fact, “rigorous economic analysis” should inform the SEC’s decisions.

In presenting her priorities as the chief of the SEC should she be confirmed, White also pledged to “further strengthen the enforcement function” of the agency, “proceeding aggressively against wrongdoers.”

In her prepared testimony to be delivered at the Senate Banking Committee’s confirmation hearing Tuesday, White said, “First, I would work with the staff and my fellow Commissioners to finish, in as timely and smart a way as possible, the rulemaking mandates contained in the Dodd-Frank Act and JOBS Act.””

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“Enforcement, another area where the SEC has been criticized, this time by proponents of a more aggressive policy, will also be strengthened under her watch, White said in the remarks made public Monday on the Committee’s website.

“On that front, the reform advocate group Better Markets said Monday that “while doing better” than before the 2008 financial crisis, the SEC “has regrettably too often failed” since then as well.

“”The SEC continues its de facto policy of not enforcing the law against the big, powerful and well-connected too-big-to-fail banks on Wall Street,” Better Markets said.”

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Read full MNI article here

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