By Anton Root
President Barack Obama nominated Mary Jo White, a former federal prosecutor, to chair the Securities and Exchange Commission (SEC) earlier today.
White first rose to national prominence in 1993, when she became the U.S. attorney for the Southern District of New York, a position she held until 2002. While there, she oversaw the prosecution of high-profile individuals like mafia boss John Gotti, terrorist Sheik Omar Abdel Rahman, and even Osama Bin Laden. But she is best known for being a tough leader with a knack for punishing white collar crime. “You don’t want to mess with Mary Jo,” the president said when announcing his nomination.
“When it comes to prosecuting white collar criminals, she’s got an outstanding track record,” Douglas Ellenoff, of Ellenoff Grossman and Schole LLP, told Crowdsourcing.org. “She’s really an interesting and credible pick for the president, as it relates to the administration’s – and now the SEC’s – commitment to enforcing violations of securities laws.”
The Congress is expected to support the nomination, though some may question her knowledge of complicated financial laws. Her trips back and forth through the public-to-private-sector revolving door may also raise a few eyebrows: before and after her stint overseeing New York’s Southern District, White practiced law at Debevoise & Plimpton, defending some of the biggest names on Wall Street.
What does White’s selection to head the SEC mean for crowdfunding and the JOBS Act?