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January 25, 2013

President Obama Nominates Mary Jo White to Head Securities and Exchange Commission

On behalf of Thomas Costello of Costello Law Group 

Mary Jo White, the former U.S. attorney for the Southern District of New York, is President Obama’s nomination to be the next chairwoman of the Securities and Exchange Commission. “It’s not enough to change the law,” President Obama stated. “We also need cops on the beat to enforce the law.” Mr. Obama added that as the United States attorney in New York in the 1990s Ms. White prosecuted money launderers, mobsters and terrorists. “I’d say that’s a pretty good run,” he said. “You don’t want to mess with Mary Jo. As one former S.E.C. chairman said, Mary Jo does not intimidate easily.” Whether Ms. White’s nomination will be accepted remains to be seen. Even if her nomination is accepted, some commentators have question whether she would be effective because her work in private practice involved defending some of Wall Street’s biggest players.

The Chair of the Securities and Exchange Commission is very important job with regard to the enforcement and regulation of the securities markets. Without proper regulation and enforcement, the integrity of the markets is compromised. Hopefully, the next Chair of the S.E.C. will be effective and use the power of the position to reduce the investment fraud, deception and scams which victimize investors.