Mary Jo White, head of the U.S. Securities and Exchange Commission (SEC)), said she intends to leave office after the Obama administration completes its work. Recall that Mary’s powers officially expire in 2019.
Mary was nominated for this post by Obama. And although such an appointment received wide support from both Democrats and Republicans, such a decision could be expected. During her time at the helm of the Commission, the Commission imposed more than $13 million in fines. And more than 3 thousand companies fell under various types of sanctions.
The contender for this position, Paul Atkins, is part of Trump’s team. He is a harsh critic of the Dodd-Frank Act, which was adopted as the regulators’ response to the financial crisis. Instead of many of the provisions of the law, Atkins proposes new policy measures aimed at supporting economic growth.
White’s policy was aimed at protecting investors and markets. And White solved the main problems of the financial crisis.
White’s departure may lead to a massive resignation of the heads of financial institutions, which, in turn, will entail serious changes in the financial regulation of the country. Implications for the market? Unpredictable.
