Mary Jo White, the head of the Securities and Exchange Commission, announced Monday that she will step down two years before the end of her term, clearing the way for President-elect Donald Trump to reshape the way Wall Street is regulated.
[She] has been a key part of the Obama administration’s effort to rein in big banks following the 2008 financial crisis and prevent future taxpayer bailouts of the industry...
White, a former federal prosecutor, is known for a no-nonsense style and beefed up the agency’s enforcement efforts over the last three years, pushing for more companies to admit guilt and taking more cases to trial. But progressive Democrats were often critical of her efforts, complaining they did not go far enough.
White was widely expected to step down no matter who won the election to allow the next president to appoint their own chair.
Trump has already indicated he would usher in a period of deregulation, including dismantling 2010’s financial reform legislation, known as the Dodd-Frank Act.