Mary Jo White has announced her departure as chair of US regulator Securities and Echange Commission (SEC) as of January 2017, with the responsibility to appoint her successor falling on newly elect US president Donald Trump.
While White (pictured in the middle) stressed that she had planned her departure prior to Trump’s election, the personnel change could lead to a significant change of direction for the US regulator.
Donald Trump previously pledged to dismantle the Dodd-Frank Act, which was introduced by the Obama administration in 2010 in a bid to curtail systemic market risks.
White has been with the regulator for nearly four years, having been appointed in April 2013, she will be one of the SEC’s longest serving chairs.
Commenting on her departure, she stressed: “It has been and will always be critical for this agency and the public that the SEC remain truly independent. That independence is crucial to our ability to protect investors, safeguard our markets and facilitate the capital formation that fosters innovation and the growth that is essential to our national economy.”
Under her leadership, the US regulator advanced more than 50 new rulemaking initiatives, ranging from reforms to the money market fund industry, tighter guidelines on protecting mutual fund investors, post-crisis restrictions to proprietary trading to new transparency requirements for the asset backed securities market.