(MENAFN - Khaleej Times) Mary Jo White, a prosecutor and former US attorney in Manhattan, will be nominated by President Barack Obama to be the next chairman of the Securities and Exchange Commission, according to a White House statement.
The president will also re-nominate Richard Cordray as director of the Consumer Financial Protection Bureau (CFPB). He was named to the post in January 2012 with a recess appointment that bypassed Senate confirmation.
Obama is scheduled to make the announcements at 2.30pm Washington time in the White House.
"In his first term, the president put in place historic consumer protections and the strongest reforms of Wall Street since the Great Depression," the White House said in the statement. Today, these two people will show "we are effectively implementing these reforms so that Wall Street is held accountable and middle class Americans never again are harmed by the abuses of a few."
White's nomination is a departure for the agency, because it has tended to be run by lawyers steeped in financial policy making and the securities industry.