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Senate confirms Mary Jo White as SEC Chair

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Senate confirms Mary Jo White as SEC Chair

By Startup Valley (291 words)
Posted in Equity Crowdfunding on April 08, 2013

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StartupValley is pleased to announce Mary Jo White as SEC chairwoman. Earlier today, the Senate confirmed White as the head of the Securities and Exchange Commission. She gained the support of President Barack Obama, who nominated her for the position in early January.

The SEC is responsible setting new rules in place regarding various financial markets and the policies of Wall Street. The agency is overdue on finalizing the 2012 Jumpstart Our Businesses Startups (JOBS) Act, which will offer tremendous opportunity to small businesses. The JOBS Act will benefit new entrepreneurs by allowing employee growth, along with the ability to raise funds through crowdfunding.

In her new role as chairwoman, she will effectively handle past and present matters on behalf of the SEC. White has promised the Senate Banking Committee that she will hold any wrongdoers accountable, no matter what their position or institution size is.

Mary Jo White will be replacing Elisse Walter, who has been an interim chair since Mary Schapiro’s departure in December 2012. After Schapiro left the SEC, not much has been done to put new rules in order. Many are curious to see how White will prove herself within her new role as chair.

Currently, White will only be completing the remainder of Schapiro’s term, until June 2014. It is still unknown when the Senate will vote for a longer-term nomination. Obama originally nominated her as Schapiro’s replacement and sever a full five-year term at the SEC.

"The American public will be my client, and I will work as zealously as possible on behalf of them," White told the Senate Banking Committee.

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