White Promises Priority for JOBS Act
Washington, DC – Mary Jo White, President Obama’s nominee to chair the Securities and Exchange Commission, promised the Senate Banking, Housing and Urban Affairs Committee to meet the mandate for rules under the JOBS Act. The SEC missed a deadline last December 2012 to formulate rules that would regulate rules to implement equity crowdfunding under the Jumpstart Our Business Startups Act.
President Obama nominates Mary Jo White to SEC. White House video.
The New York Times reported that the Senate Committee cleared Ms. White’s appointment 21 to 1 on March 19, 2012. “First, I would work with the staff and my fellow Commissioners to finish, in as timely and smart a way as possible, the rulemaking mandates contained in theDodd-Frank Act and JOBS Act,” Ms. White testified before the committee. “The SEC needs to get the rules right, but it also needs to get them done. To complete these legislative mandates expeditiously must be an immediate imperative for the SEC.”
“If confirmed, I will vigorously embrace and carry out the SEC’s mission to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation,” Ms. White added. “The SEC’s mission has a tri-partite mandate, but the component parts should not be viewed as in conflict with each other.”
“This is a critical time in the SEC’s history, as it works on a range of rules and policy issues,” Senator Tim Johnson (D-SD) said at Ms. White’s confirmation hearing. “These include the Volcker Rule, derivatives, credit rating agencies, hedge funds, standards for broker-dealers and investment advisers, corporate disclosures, market structure, the JOBS Act and money market funds, to name just a few. “
Article by A. Brian Dengler
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