Mary Jo White confirmed by Senate as SEC chairwoman

As for her priorities at the agency, White said during her March confirmation hearing that her top priority would be to finish rulemaking mandates under the Dodd-Frank and JOBS Act “in as timely and smart a way as possible.” 

In that hearing before the Senate Banking Committee, White told senators that if confirmed, one of her areas of “focus” as chairwoman would be regulating the conduct of broker-dealers and investment advisors when giving retail investment advice. She also told the ranking minority member on the panel, Mike Crapo, R-Idaho, that she would review comments that the SEC received on a March 1 request before releasing a rule imposing a fiduciary standard on all advice givers. That request for comments asked for information on the “potential regulatory costs” that such a rule would place on broker-dealers and RIAs.

The Banking Committee approved her nomination on March 19 by a vote of 21-1.

As for her other priorities, White’s prepared testimony before the Senate panel meeting listed the following:

• Continue “rigorous economic analysis” to inform and guide commission rules.  
• Strengthen the enforcement function of the SEC, so that it is “fair, but it also must be bold and unrelenting.”  
• Fully understand “all aspects of today’s high-speed, high-tech and dispersed marketplace so that it can be wisely and optimally regulated, which means without undue cost and without undermining its vitality.”  
• Focus on money-market funds, private fund advisers, credit rating agencies and clearing agencies.

See also:

• Ex-SEC chief Schapiro joins compliance firm
• First 3 tasks for Mary Jo White at the SEC
• Supreme Court defines time limits for the SEC to pursue civil cases