Barack Hussein Obama once said, “You don’t want to ‘mess’ with Mary Jo.” American voters said, “You do not want to ‘mess’ with Donald Trump.”
Mary Jo White, the Head of the Securities and Exchange Commission, announced Monday that she will step down 2 years before the end of her term, clearing the way for President Elect Donald Trump to reshape the way Wall Street is regulated.
The SEC has been a Key part of the Barack Hussein Obama’s effort to rein in big banks following the Y 2008 financial crisis and prevent future taxpayer bailouts of the industry.
Under former President Barack Hussein Obama, the agency pushed for more oversight of hedge funds and other asset managers and has established rules that make it more difficult for big banks to make risky bets on the markets.
Ms. White is known for a no-nonsense style and beefed up the agency’s enforcement efforts over the last 3 years, pushing for more companies to admit guilt and taking more cases to trial.
Progressive Democrats were often critical of her, complaining they did not go far enough.
President Elect Trump has indicated he would usher in a wave of deregulation, including dismantling Y 2010’s financial reform legislation, known as the Dodd-Frank Act.
He appointed Paul Atkins, an industry veteran, who has called Dodd-Frank a“calamity,” to lead the SEC’ transition.
Mr. Atkins wants to let companies do their thing and not get in the way very much, meaning a lighter touch on enforcement and a lighter hand on corporate governance issue broadly.
Mr. Atkins served as an SEC commissioner for 6 years during President George W. Bush’s (43) administration.
He could not immediately be reached for comment.
In addition to replacing Ms. White, Donald Trump will fill 2 openings on the 5-member commission. Expect him to ignore the more than 20-year-old tradition of allowing the opposing political party to pick its own representative on the commission, further bolstering his influence over the SEC.
Thomas Curry, the Head of the Office of the Comptroller of the Currency, another Wall Street regulator, has less than 6 months on his term. Together, the openings gives the Trump Administration wide latitude to change the way Wall Street is regulated.