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Dec. 8 — Departing Securities and Exchange Commission Chairman Mary Jo White defended laws enacted in response to the financial crisis, in the face of promises by the incoming administration to roll them back.
“It would be a grave mistake to weaken, let alone dismantle, these core post-crisis reforms,” White said Dec. 8 at a meeting of the SEC’s Investor Advisory Committee.
President-elect Donald Trump and his transition team have vowed to “dismantle” the Dodd-Frank Act, and Republican lawmakers are eager for the chance to defang it.
Dodd-Frank gave the SEC dozens of rulemaking mandates. The agency still hasn’t gotten through them all but has adopted a wide range of rules, many of them under White’s leadership.
“The core reforms implemented by the Commission since the crisis are indispensable for investors and our markets,” White said, citing rule changes for asset-backed securities, private funds, swaps, clearance and settlement.
One of the advisers to Trump’s transition team is Paul Atkins, a former SEC commissioner who has been highly critical of Dodd-Frank and other regulations. His deregulatory views may influence Trump’s choice for White’s replacement, but White is urging the next chairman to press on with firming up the regulatory landscape.
“It would obviously be a mistake to dust off our hands at the Commission and declare our work complete,” White, who is stepping down in January, said. “Much remains to be done.”
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To contact the editor responsible for this story: Phyllis Diamond at PDiamond@bna.com
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