The leadership of the Securities and Exchange Commission (SEC) is turning over. A new chairman has been installed and two new commissioners will be on board soon. Many senior staff member positions also have changed hands. At this time the agency has an enormous rule-making workload and serious policy decisions to make. Further, it is operating in a very difficult political environment. This column will outline some of the most important challenges facing the SEC at this time.
Mary Jo White was sworn in as the 31st chairman of the SEC on April 10, 2013. Because of her background and stellar reputation as a former U.S. attorney for the Southern District of New York, her nomination was viewed as a signal for a tougher line against Wall Street wrongdoing. But because of her previous position as head of the litigation department at Debevoise & Plimpton and a director of NASDAQ, some questioned her ability to restore the SEC's reputation, which had been tarnished by the agency's failure to stop the fraud at Bernard Madoff's investment firm or to prevent the 2008 failure of Lehman and other brokerage firms.1
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