President Barack Obama will nominate former federal prosecutor and Debevoise & Plimpton partner Mary Jo White as the next chair of the Securities and Exchange Commission this afternoon, a White House official confirmed.

White, a former U.S. attorney for the Southern District of New York and now a white-collar defense lawyer, has been at Debevoise since 2002. Obama is expected to make the announcement at a press conference scheduled for 2:30 p.m. at the White House.

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