Today, President Obama will send to the Senate two nominations for two key financial regulatory posts. Noting that both of the nominees subject to Senate confirmation “are former prosecutors,” The New York Times declares that “the White House is sending a signal about the importance of holding Wall Street accountable for wrongdoing.” But the signals are, to say the least mixed, and one of the nominations almost mocks the importance of holding government regulatory bureaucracies accountable to Main Street.
Obama will nominate Mary Jo White, U.S. attorney for New York under the Clinton administration, to replace Mary Schapiro as chairman of the Securities and Exchange Commission (SEC). And he will renominate Richard Cordray, the Democratic attorney general of Ohio until his defeat in 2010, as permanent head of the Consumer Financial Protection Bureau (CFPB) created by Dodd-Frank….To Read More…..
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