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Wednesday, March 13, 2013

SEC Nominee White Promises Tough Wall Street Enforcement

Mary Jo White, the nominee for chairman of the SEC, told the Senate Banking Committee yesterday that she would make “bold and unrelenting” enforcement of Wall Street a high priority if she is confirmed.

She also said, in response to a question from Sen. Bob Corker (R-Tenn.), that she is “totally committed” to having a bright line between restricted proprietary trading and permitted market-making in the still-pending Volcker Rule.

White said she understands “the importance of the mandate to bar proprietary trading, but also the permitted activities of market-making as well as the hedging activities. ... If confirmed that is something I’m going to turn my personal attention to.”

Panel members spent much less time questioning Richard Cordray, who was re-nominated to head the CFPB when his current term expires at the end of the year.

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