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Politics

SEC Chair Mary Jo White set to step down

Opening sequence

Opening sequence

Politics

SEC Chair Mary Jo White set to step down

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17:18
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COMING UP:SEC Chair Mary Jo White set to step down

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Transcript

00:00:01
>> America's top financial regulator hands in her notice. Mary Jo White on Monday saying she'll be leaving as Chair of the Securities and Exchange Commission around the same time Barack Obama exits the Oval Office. Reuters's Sarah Lynch says her departure comes at an awkward time with the agency already short staffed.
00:00:19
>> When she leave in January, it will leave the SEC with just two people, of two different political parties to try to get things done.>> White's announcement has also set off alarm bells with some warning that there's no one to stop President-elect, Donald Trump, from taking down the Dodd-Frank Act.
00:00:35
The law design to reign in Wall Street and protect consumers after 2008 financial crisis.>> The Trump transition team has said on their website that they want to dismantle Dodd-Frank. I don't know if that's really a realistic idea necessarily. A lot of the banks privately will admit that they do not want it fully dismantle.
00:00:53
They've spent millions and millions of dollars trying to get up to speed with all the compliance. I think what you'd probably see is a lot of changes to that Dodd-Frank, but not necessarily a full repeal.>> I don't say White has built a reputation as a center of the hire workaholic presiding over a record number of cases enforcing the laws, from big infractions all the way down to minor offenses.
00:01:15
>> While a lot of people say she wasn't tough on Wall Street, I could tell you talking to a lot of attorneys that those little cases actually scared the bejesus out of a lot of companies who are very afraid of doing something even slightly wrong might get the SEC involved and result in an enforcement action.
00:01:30
>> Speculation now swirling over who Trump will pick to replace her and just how much they plan to loosen the rules