Senate confirms Mary Jo White as SEC chairman by voice vote

Succeeds Elisse Walter, who remains a commissioner.
APR 18, 2013
The Senate confirmed Mary Jo White as chairman of the Securities and Exchange Commission today. In one of its first actions since returning from a two-week Easter recess, the chamber approved Ms. White by a voice vote. She could start in her new job as early as Tuesday, pending the completion of Senate and White House paperwork, according to SEC spokesman John Nester. It's not clear when she'll make her first public appearance as the commission's new chairman. The former U.S. attorney for the Southern District of New York and past head of the litigation department of Debevoise & Plimpton LLC has extensive experience in both prosecuting white-collar crimes, and defending Wall Street firms and officials who have run afoul of securities laws. She sailed through a Senate Banking Committee hearing in March, convincing lawmakers that her work at the high-profile law firm would not create conflicts of interest that would undermine her ability to run the agency. The committee approved her nomination 21-1, leading to today's unanimous-consent approval by the full Senate. “The fact that Mary Jo White received such overwhelming support bodes well for her tenure,” said Neil Simon, vice president for government relations at the Investment Adviser Association. One of the reasons that Ms. White garnered the support of Republicans is that she assured Sen. Mike Crapo, R-Idaho and top-ranking Republican on the banking panel, that she would make sure the SEC reviews a cost-benefit analysis of a potential uniform-fiduciary-duty rule for retail investment advice before deciding whether to proceed to rule making. It was the only time during the hearing that she addressed investment-advice regulation. “We look forward to sitting down with her in the near future to discuss a range of issues important to investment advisers,” Mr. Simon said. Ms. White takes over for Elisse Walter as SEC chairman. Ms. Walter was designated chairman by President Barack Obama to succeed Mary Schapiro, when Ms. Schapiro left the agency in December. Ms. Walter's term as an SEC commissioner has expired, but she can remain on the commission until the end of the year. It's not clear how long she will stay.

Latest News

SEC charges Chicago-based investment adviser with overbilling clients more than $2.5M in fees
SEC charges Chicago-based investment adviser with overbilling clients more than $2.5M in fees

Eliseo Prisno, a former Merrill advisor, allegedly collected unapproved fees from Filipino clients by secretly accessing their accounts at two separate brokerages.

Apella Wealth comes to Washington with Independence Wealth Advisors
Apella Wealth comes to Washington with Independence Wealth Advisors

The Harford, Connecticut-based RIA is expanding into a new market in the mid-Atlantic region while crossing another billion-dollar milestone.

Citi's Sieg sees rich clients pivoting from US to UK
Citi's Sieg sees rich clients pivoting from US to UK

The Wall Street giant's global wealth head says affluent clients are shifting away from America amid growing fallout from President Donald Trump's hardline politics.

US employment report reactions: Overall better than expected, but concerns with underlying data
US employment report reactions: Overall better than expected, but concerns with underlying data

Chief economists, advisors, and chief investment officers share their reactions to the June US employment report.

Creative Planning's Peter Mallouk slams 'offensive' congressional stock trading
Creative Planning's Peter Mallouk slams 'offensive' congressional stock trading

"This shouldn’t be hard to ban, but neither party will do it. So offensive to the people they serve," RIA titan Peter Mallouk said in a post that referenced Nancy Pelosi's reported stock gains.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.