The President’s nomination of Mary Jo White as the next chairman of the Securities and Exchange Commission and the re-nomination of Richard Cordray as director of the Consumer Financial Protection Bureau are important steps forward in the effort to hold corporate wrongdoers accountable for abusive practices that harm investors and consumers.
White is a universally respected former Federal prosecutor.  As chairman of the SEC,  White will face a very  important unfinished agenda that includes completing implementation of critical aspects of the Dodd-Frank Wall Street Reform and Consumer Protection Act including the issuance of rules to require companies to publicly report the ratio of CEO-to-worker pay and police the shadow financial markets. The SEC also must ramp up its participation in the Residential Mortgage Backed Securities task force that is responsible for investigating the full range of illegal bank activities that caused this crisis and holding fraudsters accountable.  And, the Commission must write rules to implement the Jumpstart Our Business Startups (“JOBS”) Act while ensuring that investors receive the information they need to make informed decisions and are protected from fraud. We look forward to hearing how White will tackle this agenda and ensure that the SEC’s actions embody its core mission of investor protection.
Director Cordray has successfully led the Consumer Financial Protection Bureau through its creation and recent issuance of new rules to prevent foreclosure abuses of homeowners by banks. We look forward to continuing to work with him to finalize effective rules to protect working people from tricks and traps in consumer financial products such as mortgages and credit cards.

Contact: Josh Goldstein (202) 637-5018