National Investors Relations Institute or NIRI.com as many know of it in their weekly newsletter commented on President Obama’s choice of Mary Jo White to the directorship of SEC. Here is the unabridged comment
Headlining the regulatory news last week was President Obama’s nomination of former prosecutor, Mary Jo White, as the new SEC Chair. I view the pick as somewhat surprising. White is known for prosecuting financial crime and aggressively pursuing terrorist suspects as the U.S. Attorney General for the Southern District of New York. Given the SEC has never been chaired by a former prosecutor, many view the move as a signal that Obama intends enforcement to be the SEC’s primary driver over the next few years. My main concern is how will this influence the SEC’s attention to the regulatory matters that impact NIRI members such as those related to capital markets, financial reporting and corporate governance? White’s husband is John White, former head of the SEC’s Division of Corporation Finance, so she obviously has a bit of a support network in these critical matters. I look forward to tracking the confirmation hearings closely and sharing more with you in the coming weeks.
My suspicion is we will see a more proactive sheriff on duty approach and less policy.