The chief of the Securities and Exchange Commission is resigning before President-elect Donald Trump takes office, which will allow him to make what he feels are necessary changes to Wall Street.
Mary Jo White began her role as chair of the SEC in April 2013, and her term was initially slated to last until 2019. According to The Washington Post, she has decided to leave at the end of President Barack Obama's term on Jan. 20, 2017.
Among Trump's campaign promises were to deregulate Wall Street. Last week, his team said it wants to "dismantle" the Dodd-Frank Act — which has been in Republicans' crosshairs during Obama's presidency. Now that the GOP controls the White House and both chambers of congress, Trump is taking aim at this piece of legislation and others.
White, it seems, was not willing to work with the new administration, although, The New York Times reports that White had planned to leave her position regardless of who won the election between Trump and Democrat Hillary Clinton.
White has even been criticized from the left during her term, a group that includes Sen. Elizabeth Warren of Massachusetts.
White is an independent. According to the Times, former SEC commissioner Paul Atkins — a Republican — is spearheading Trump's search for a replacement to White. The paper reports that other regulators in the banking industry could resign as well before Trump moves into the Oval Office.
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