President Obama announced his nominees for heading the Securities and Exchange Commission and the Consumer Financial Protection Bureau today.
Mary Jo White is the nominee to head the SEC. A former prosecutor and corporate attorney at Debevoise & Plimpton. Many are pointing to her experience as a prosecutor as an indication the Obama Administration might finally be getting tough with Wall Street though that remains to be seen and many of the big cases from the financial crisis may be facing statute of limitations issues.
Richard Cordray has been the appointed but not confirmed head of the CFPB. He was formerly the Attorney General of Ohio. Cordray’s nomination was blocked by Senate Republicans seemingly due to their ideological opposition to the CFPB itself – Obama then waited for the Senate to adjourn and put Cordray in as a recess appointment.
President Obama said he believes now Cordray will receive an up or down vote in the Senate.