At the SEC, White would inherit oversight of the implementation of an array of rulemaking proceedings stemming from the Dodd-Frank act, as well as other controversial issues including the commission's efforts to enact rules meant to stabilize money market mutual funds.
Several advocacy groups representing various contingents of the financial services sector were quick to praise White's nomination, anticipating that she will guide the agency in enacting stronger investor protections such as the uniform fiduciary standard.
"The years of experience Mary Jo White has in prosecuting white-collar criminals is a testament to her commitment to safeguarding investors and the public," the Financial Planning Coalition said in a statement, adding that it expects the nominee will bring "this same level of 'consumer-first' commitment to the SEC."
"This includes leading the SEC in continuing to implement the Dodd-Frank law -- specifically, carrying out the SEC staff's own recommendation of extending the fiduciary standard to broker-dealers who provide personalized investment advice to retail clients," the group said.
Dale Brown, president and CEO of the Financial Services Institute, also congratulated White for her nomination.
"An experienced and effective SEC chair, collaborating with investors and the industry, is critical to fulfilling the SEC's mission of investor protection and maintaining fair, orderly and efficient capital markets," Brown said in a statement. "We look forward to working with her to preserve money market mutual funds and create an effective and efficient fiduciary standard."
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