Obama Picks Mary Jo White to Lead Securities and Exchange Commission

WASHINGTON (AP) - The White House says President Barack Obama will nominate Mary Jo White as chair of the Securities and Exchange Commission this afternoon.

White served for nearly a decade as the U.S. attorney for the Southern District of New York, building a reputation as a tough prosecutor with an expertise in pursuing white-collar crimes and complex securities and financial fraud cases. White House officials say that experience makes her well-positioned to implement Obama's Wall Street reform legislation.

In 2000, White led the criminal prosecution of more than 100 people - including members of all five New York crime families - accused of strong-arming brokers and manipulating prices of penny stocks. The action was called one of the biggest crackdowns on securities fraud in U.S. history at the time.

A White House official says that Obama also will renominate Richard Cordray to lead the Consumer Financial Protection Bureau. The president used a recess appointment to circumvent Congress and install Cordray to the post last year. That appointment runs out later this year.

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