White Wants to Forge Ahead on Rules Despite GOP Requests

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By Rob Tricchinelli

Dec. 12 — Departing Securities and Exchange Commission Chairman Mary Jo White said she intends to forge ahead with rulemakings during the rest of her tenure, despite calls from top Senate Republicans to back off.

“I have confirmed that the Commission historically has proceeded with its work during comparable post-election periods,” White said in a Dec. 12 letter to Sens. Richard Shelby (Ala.) and Mike Crapo (Idaho), the top Republicans on the Senate Banking Committee. “I do not believe this Commission should deviate from its historical practice of independently carrying out its duties.”

The pair had asked White to put a hold on adopting any new regulations until President-elect Donald Trump gets sworn in. White is stepping down when Trump takes office.

Rules on a variety of issues are ready for a commission vote, White said, including security-based swaps and asset managers.

“In light of our long-standing agenda and our duties as Commissioners, my intention is to move forward with the above items as planned, assuming the Commission has a quorum to act,” she wrote. All three sitting commissioners must participate in a rulemaking for a quorum to be present.

In a November hearing, House Financial Services Committee Chairman Jeb Hensarling similarly urged White to hold off on rules until Trump gets sworn in. Crapo is set to take over the Banking Committee gavel from Shelby when the new Congress convenes in 2017.

Trump has pledged to dismantle Dodd-Frank and to put a moratorium on new regulations. He’s also said for every new regulation his administration adopts, two would be repealed.

To contact the reporter on this story: Rob Tricchinelli in Washington at rtricchinelli@bna.com

To contact the editor responsible for this story: Phyllis Diamond at PDiamond@bna.com

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For the letter, visit http://src.bna.com/kHC

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