Mary Jo White, chairwoman of the U.S. Securities and Exchange Commission (SEC), announced Monday that she will step down from her post when the U.S. administration changes hands in January.
White was appointed head of the SEC in April 2013 after a long career as a federal prosecutor and securities lawyer, including a nearly-10 year run as the U.S. attorney for the Southern District of New York, where she prosecuted numerous high profile criminal cases. She now plans to leave the SEC when U.S. President Barack Obama leaves office.
Under White, the SEC has adopted a number of reforms to respond to the global financial crisis, to enhance capital raising, and to address the evolution of equity market structure. It has also stepped up its enforcement efforts, bringing more than 2,850 enforcement actions over the past three years, securing judgments and orders for more than US$13.4 billion in monetary sanctions.
“I am very proud of our three consecutive years of record enforcement actions, dozens of fundamental reforms through our rulemakings that have strengthened investor protections and market stability, and that the job satisfaction of our phenomenal staff has climbed in each of the last three years,” she said in a statement.
In addition to her duties at the SEC, White also sits on the Financial Stability Oversight Council (FSOC), along with various international bodies, including the International Organization of Securities Commissions (IOSCO), the Financial Stability Board (FSB), and the International Financial Reporting Standards Foundation Monitoring Board.
White stressed the importance of the SEC maintaining its independence from political interference. “It has been and will always be critical for this agency and the public that the SEC remain truly independent,” she said. “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.”