Calls for SEC Chair’s Replacement Grow Louder in DCTweet
September 15, 2015
Mobile billboards will be traversing Washington, DC, this week calling on President Obama to replace Mary Jo White as Chair of the Securities and Exchange Commission (SEC). The “Dump (Mary Jo) Truck” billboard is part of a broader campaign by social change network CREDO Action. In just a few months, more than 115,000 activists have signed a petition and phoned the White House calling for a new SEC Chair.
The Project On Government Oversight has worked for years to close the revolving door between the SEC and Wall Street. CREDO’s campaign builds on letters POGO sent to President Obama and Senator Warren (D-Mass.) addressed to White in June:
“We agree with POGO and Senator Elizabeth Warren. Mary Jo White has been a disaster as head of the SEC. President Obama must take action immediately. The evidence is clear. It is time to tell President Obama, loud and clear: No more business as usual—Mary Jo White needs to go.”
POGO has questioned the qualifications of an SEC Chair with so many connections to Wall Street. In some cases, White has had to recuse herself from decisions affecting her former clients, including mega-banks such as JPMorgan, leaving the other four commissioners in a 2-2 gridlock. In other cases, White has been allowed to work on those issues, despite the obvious conflict of interest.
White’s tenure at the SEC, including her track record of appointing Wall Street veterans to senior agency positions, has allowed the revolving door to remain wide open.
If President Obama is serious about closing the revolving door, he should replace White with an SEC Chair who is empowered to stand up to Wall Street and can represent the public’s interests with no strings attached.
Read POGO’s report on the SEC’s revolving door.
Iulia is the Beth Daley Impact fellow at the Project On Government Oversight.
Topics: Financial Sector
Authors: Iulia Gheorghiu
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