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Obama taps former federal prosecutor to head SEC
Thu, 24 Jan 2013 20:03 GMT
Source: reuters // Reuters
* Mary Jo White known for prosecuting terrorists, mobsters
* In recent private practice, represented Wall Street
* Cordray renominated to consumer bureau
By Sarah N. Lynch and Aruna Viswanatha
WASHINGTON, Jan 24 (Reuters) - President Barack Obama on Thursday nominated former federal prosecutor Mary Jo White to head the Securities and Exchange Commission, picking a tough enforcement hand who more recently has defended Wall Street figures.
White, the former U.S. attorney for the Southern District of New York known for prosecuting terrorists and mob bosses, would become the third consecutive woman to hold the post.
"We need to keep going after irresponsible behavior in the financial industry so that taxpayers don't pay the price. I am absolutely confident that Mary Jo has the experience and the resolve to tackle these complex issues and to protect the American people in a way that is smart and in a way that is fair," Obama said in announcing the nomination.
The pick quickly drew praise from both Wall Street and reform advocates who say White would ably steer the powerful agency that plays a key role in overseeing U.S. financial markets.