15 Nov SEC Chair White Resigning

As the fallout from the election of President-elect Donald Trump continues, Obama-appointed SEC Chair Mary Jo White announced yesterday that she will leave the SEC when Obama leaves office, though her term doesn’t end until 2019. Chair White is an independent and while she has faced criticism at times, I believe she has worked hard with good intentions since 2013 when she came on board.

Many don’t realize that Pres. John Kennedy’s father, Joe Kennedy, was the first chairman of the SEC appointed by FDR in 1934. This despite his being a known bootlegger and scoundrel. Some say FDR thought it right to let a chicken run the henhouse since he of all people knew where to find trouble to police. Which is pretty much what happened. So began the storied history of the always under-funded, over-burdened and under-appreciated agency.

So now Mr. Trump will appoint not only the Chair but the two other current open seats. At this Thursday’s annual SEC small business forum in Washington, we are supposed to hear from Chair White before the panel on which I’m speaking. I’m looking forward to her thoughts, especially now somewhat de-shackled by the restrictions of her office as she winds down.