Mary Jo White, former U.S. Attorney for the Southern District of New York, appearing on Capitol Hill in 2002 (Dennis??President Barack Obama will announce Thursday that he?s picked career white-collar crime prosecutor Mary Jo White to head the Securities and Exchange Commission?which polices financial markets?a White House official confirmed. And Obama will set up a fight with Senate Republicans by renominating Richard Cordray to lead the Consumer Financial Protection Bureau (CFPB), which they oppose.
The Senate GOP blocked Cordray?s nomination in 2011 as part of an effort to water down the CFPB?s powers, calling the bureau unaccountable and warning it could trammel legitimate businesses. That led Obama to use his presidential power to appoint him to the post during a Senate recess, bypassing lawmakers.
The two nominations, which Obama was to announce at 2:30 p.m., could set up new confirmation battles at the dawn of his second term. Some Republican Senators have signaled that they will oppose his choice to be defense secretary, Republican former senator Chuck Hagel.
?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 by way of background on the nominations.
The new nominees will ?help ensure 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,? it said.
(The president?s liberal critics have frequently complained that his administration never prosecuted major Wall Street figures over allegedly shady business practices thought to have fueled the 2007-2008 global financial meltdown.)
White was the first woman to serve as U.S. Attorney for the Southern District of New York, making her the top federal prosecutor for an area that includes Wall Street. Among White's notable tasks: She led the case against convicted mobster John Gotti, as well as against the terrorists who struck the World Trade Center in 1993, and the American embassies in Kenya and Tanzania in 1998.
Consumer Financial Protection Bureau Director Richard Cordray testifies before a Senate Banking, Housing and Urban??Cordray, whose recess appointment expires at the end of 2013, has ?made remarkable progress in strengthening consumer protections, putting new rules in place to protect homeowners, launching the ?Know Before You Owe? campaign to ensure consumers have all the information they need to make smart financial decisions, and fighting to ensure credit card companies, debt collectors and student lenders aren't taking advantage of American families,? the White House said.
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