Mary Jo White is poised to become a top Wall Street regulator. But as President Obama’s pick to lead the Securities and Exchange Commission, she must first clear a crucial hurdle: her Senate confirmation hearing, which starts at 10 a.m.
While Ms. White is expected to cruise to confirmation this month, she must address questions from members of the Senate Banking Committee who have lingering concerns about her ties to Wall Street and lack of regulatory experience. Liberal lawmakers, pointing to a roster of clients including JPMorgan Chase and Morgan Stanley’s board, will likely question her ability to regulate the same banks she recently defended. As the head of litigation at Debevoise & Plimpton, she also defended UBS and Michael Geoghegan, a former head of HSBC.
But today Ms. White is expected to highlight her long tenure as a federal prosecutor in New York and outline her vision for running the S.E.C.
“If confirmed, it will be a high priority throughout my tenure to further stregthen the enforcement function of the S.E.C. â€" it must be fair, but it also must be bold and unrelenting,†she said in prepared testimony released on Monday.
Ms. White will have company at the witness table. Richard Cordray, the nominee to become director of the Consumer Financial Protection Bureau, also faces a confirmation hearing today. Last year, the Senate declined to confirm Mr. Cordray in the face of Republican concerns about the new agency, prompting Mr. Obama to make a recess appointment.
