Sen. Warren Calls on President to Immediately Designate New SEC Chair to Replace Mary Jo White


Sen. Warren Calls on President to Immediately Designate New SEC Chair to Replace Mary Jo White

Letter Cites White’s Staunch Opposition to a Political Spending Disclosure Rule and Consistent Anti-Investor Stance on Other Disclosure Issues

Washington, DC – U.S. Senator Elizabeth Warren (D-Mass.) today asked President Obama to use his unilateral authority to immediately designate another commissioner to replace Mary Jo White as Chair of the Securities and Exchange Commission (SEC), citing Chair White’s refusal to develop a political spending disclosure rule and repeated actions to undermine the agency’s mission of investor protection and the Administration’s priorities.  The President may designate a new SEC Chair at any time from among the existing SEC commissioners under the authority in 17 C.F.R. §200.10.

As the senator explained in her letter, Congressional Democrats and the Administration have strongly opposed a Republican rider in recent government funding bills that would prevent the SEC from issuing a rule requiring public companies to disclose political contributions.  But Chair White herself has steadfastly refused to issue such a rule, despite overwhelming investor and public support for it.  “Congressional Democrats will fight to remove the recently passed rider from December’s government funding legislation, and I urge you to threaten to veto any effort to extend this corrupt policy,” Senator Warren wrote. “But these efforts will be meaningless as long as Chair White continues to control the agenda of the SEC.”

Additionally, the letter noted that Chair White has focused the agency’s limited resources on pursuing a voluntary “disclosure effectiveness initiative” with the aim of reducing companies’ existing disclosure obligations, while neglecting to complete congressionally-mandated Dodd-Frank rules that would strengthen investor protections.

“For the last three years, [Chair White’s anti-disclosure] views have undermined the SEC, your Administration’s priorities, Congressional mandates, and the best interests of investors,” Senator Warren wrote to the President. “Under a new Chair, the agency can re-direct its limited discretionary resources away from actively undermining the interests of investors and back toward its core purposes.”

She continued, “Chair White’s unapologetic anti-disclosure posture has also resulted in an SEC that regularly fails to stand up for its own authority and regulations in this area.  Her stance has empowered efforts to weaken federal disclosure requirements.” The senator detailed how the SEC has refused to publicly oppose legislation advanced by House Republicans to weaken federal disclosure requirements, despite veto threats by the Obama Administration.

“I have tried both publicly and privately to persuade Chair White to direct the agency’s resources toward pressing matters of compelling interest to investors and the public, and toward completing those rules that Congress has required it to implement,” the senator stated. “But after years of fruitless efforts, it is clear that Chair White is set on her course.  The only way to return the SEC to its intended purpose is to change its leadership.”

A PDF copy of the letter is available here.


One Response to “Sen. Warren Calls on President to Immediately Designate New SEC Chair to Replace Mary Jo White”
  1. JoAnn Kennedy Blu Loony • 7 minutes ago
    the only way, I would believe that Mr. Sloan is different is if he got ahold of Adam R. Velde of the Board and looked at the paperwork I attached. And make me Whole. This pre meditated government sponsored fraud starts with Fannie and Freedie Mac and the host of regulators who allowed this with deception and irregular paperwork. The mortgage documents were deficient see and read the court filing just settled out of NY (my paperwork was reviewed by Oestericher 12-CIV 7527) This was known to the FHFA OIG since 2012 ? so .. As far as I am concerned , unclean hands from the bottom feeders, the REO agents that Fannie Mae sends in to steal the personnel items and contents of a home, to the improper venues of the local county courts, the sheriffs and those GSE’s contracted lawyers who crammed those rocket dockets and robo signed forged AOM’s through with their lies and ambiguous and unconscionable contracts with erroneous information wrong addresses, fake land descriptions. It’s all fraud upon the court. Do you know how many people I contacted ? here’s a list God only knows, I know I called the FBI enough times and a host of other people
    FBI 215-418-4000 and the Fort Washington FBI 215-641-8910
    Susan at Toomey’s office
    Nancy at the OCC 5/21/2013 1800613-6743
    called Fannie Mae about my ghost decoy assignment with fake address and husband’s signature on April 13 a month after I was removed from my home w/o paperwork talked to Micheele ID 852 and Cheryl ID 846
    filed a FTC complaint ref number 45741228
    called Nancy Mack at Fannie Mae Legal 972-773-7963 or 7968 doesn’t make a difference she doesn’t know anything 6-21-13
    Maria and Owen the regulator at Fhfa 202-649-3811
    Victor Concelli 202-730-7436
    Steve Phillips
    Mike Powers, OmniBudsman 202-649-3010
    I even filed a FOIA request with Stacy Easter
    Rene Febles FHFA OIG 202-730-4926
    talked to Karen Brisco at the FHFA.OIG 202-730-4919 sent her all documents pertaining to Wells Fargo to
    Talked to Bob Morgan and Tammy Aita at Congressman Matt Cartwright’s office
    Talked to Rebecca at intake at the OIG 202-730-0880
    Talked to Emerzian Deputy Director Inspector General in July and he sent a letter saying they were looking into it — and that was it case number Z-12-0625
    did they do anything NOOOOOOOOOOOO
    not to mention Pat Toomey and Bob Casey too !!
    oh and I did a FOIA with Stacy Easter FHA.OIG so no one knew yeah tell me again how do you put a monetary value to someone’s identity ? their years of credit history and loss of income

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