In nominating former U.S. Attorney Mary Jo White to run the U.S. Securities and Exchange Commission, President Barack Obama said he was sending a signal that the regulator would be tough on Wall Street.
Elisse Walter, who has spent the past four years as Securities and Exchange Commission Chairman Mary Schapiro’s closest confidant and behind-the-scenes adviser, will soon step into the spotlight that she has mostly shunned in trying to help her close friend succeed.
The package arrived at Cindy Lohman’s home in Great Mills, Maryland, just two weeks after she learned that her son, Ryan, a 24-year-old Army sergeant, had been killed by a bomb in Afghanistan. It was a thick, 9-inch-by- 12-inch envelope from Prudential Financial Inc ., which handles life insurance for the Department of Veterans Affairs.
U.S. financial regulators, working to secure funding needed to implement new responsibilities mandated by the Dodd-Frank Act, are in line to be among the few agencies to benefit from the year’s final congressional spending measure.
U.S. Securities and Exchange Commission Chairman Mary Schapiro has defended her agency for more than two years from attacks by lawmakers. Her job is getting harder as the 2012 election campaign heats up.
Ever since President Barack Obama signed the new law revamping financial regulation on July 21, the focus has been on Wall Street institutions that, in Obama’s words, took risks that “endangered the entire economy.” One provision that received relatively little public attention will make it easier for shareholders to oust board members from companies of all sorts. It’s a move that businesses far from Wall Street have been fighting for nearly a decade.