• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

2

Now worth $200 million, Sarah Jessica Parker credits being ‘one of eight kids that struggled financially’ for her hunger, ambition, and work ethic

3

Ikea’s billionaire founder was so frugal that he bought clothes from flea markets and took free salt and pepper from restaurants

1

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

2

Now worth $200 million, Sarah Jessica Parker credits being ‘one of eight kids that struggled financially’ for her hunger, ambition, and work ethic

3

Ikea’s billionaire founder was so frugal that he bought clothes from flea markets and took free salt and pepper from restaurants
Finance

Securities and Exchange Commission Head to Step Down

By
Reuters
Reuters
Down Arrow Button Icon
By
Reuters
Reuters
Down Arrow Button Icon
November 14, 2016, 7:08 PM ET
Mary Jo White
UNITED STATES - AUGUST 10: Securities and Exchange Commission Chairwoman Mary Jo White, is interviewed by CQ Roll Call in her Washington office, August 10, 2016. (Photo By Tom Williams/CQ Roll Call)Photograph by Tom Williams—CQ-Roll Call,Inc.
Add Fortune on Google for similar content.

U.S. Securities and Exchange Commission Chair Mary Jo White plans to step down around the same time President Barack Obama exits the Oval Office, the agency said on Monday.

Her departure will cap a nearly four-year tenure marked by regulatory and enforcement milestones, as well as internal discord over Wall Street rules. It also may leave a sharply understaffed and gridlocked commission in her wake.

With White’s departure, the SEC will be left with only two commissioners, who often staunchly disagree with each other – Democrat Kara Stein and Republican Michael Piwowar.

Unless the U.S. Senate confirms two pending SEC nominees during the lame duck session, the 10th floor that is home to the commissioners at the SEC‘s Washington, D.C., headquarters could become a very lonely place come January.

Once White departs, Piwowar, as the sole Republican commissioner, will likely be designated by incoming President Donald Trump to serve as acting chairman until a permanent chairman is selected.

White, a former federal prosecutor and Wall Street defense lawyer in her pre-SEC days, said in a farewell interview with Reuters that she does not know what she will do next, though retirement is not an option.

Since she assumed her post as SEC chair in April 2013, White has presided over a record number of enforcement actions. They consisted of both big cases and smaller matters, often referred to as “broken windows” cases -a reference to former New York City Mayor Rudy Giuliani’s strategy of policing minor offenses to deter bigger ones.

Among her most notable accomplishments were the institution of a policy requiring some companies to admit wrongdoing when they settle cases with the SEC, and new rules that upended money market mutual fund pricing and aim to reduce systemic risks by asset managers.

White, an independent, has often found herself caught in the crossfire between more partisanSEC commissioners who have not been able to agree on controversial rules.

As such, she has been unable to get some rules – such as a politically charged one requiring financial brokers to put their clients’ first – across the finish line.

Moreover, White has also drawn the ire of progressives, including Massachusetts Democratic Senator Elizabeth Warren, who have criticized her for not being tougher on Wall Street and for refusing to push public companies to disclose their political spending.

Before she leaves, White has said she will work to wrap up rules governing the U.S. derivatives market. She also highlighted the SEC‘s intentions to approve a plan that will help police the markets by storing data on every trade order, execution and cancellation. A vote has been slated for Nov. 15.

White’s departure announcement comes less than month after Warren took the unusual step of asking President Obama to oust the SEC chair.

The SEC draws strength from being a bipartisan panel with a healthy diversity of opinions, but politics are checked at the door, White told Reuters.

“When you cross the threshold into the job as chairman or commissioner, then your mission is theSEC‘s mission,” she said.

Unlike some of White’s predecessors, who were tasked with restoring confidence in the SEC after the financial market collapse, White has not faced the same kinds of crisis management challenges.

Rather, she had to contend with completing a mountain of rules mandated by the Dodd-Frank Wall Street reform law and the JOBS Act, a 2012 law designed to help start-ups.

“When I first came in, on the rulemaking front, there were things pending of great importance,” she said. “We had not yet gotten anywhere, frankly, on the JOBS Act.”

The changes she made in the enforcement division, including requiring corporate defendants in some cases to admit to their wrongdoing rather than letting them settle without admitting or denying the charges, will likely stand out as one of the most significant milestones of her tenure.

For more about Trump, watch:

Since then, White said, the SEC has done more than 70 settlements with admissions, and some other regulators have started to follow suit,

In its municipal bond fraud case against the City of Miami, White said the SEC‘s insistence on admissions helped send the case to trial, and the jury later handed the SEC a victory.

If she has one regret, she says, it is that the SEC has yet to harmonize disjointed rules governing financial advisers, who are fiduciaries who must act in their clients’ best interest, and brokers, who are held to a lesser standard.

About the Author
By Reuters
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Finance

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Finance

t
Real EstateHousing
Congress just passed the most significant housing bill in decades, so why won’t Trump sign it?
By Alex Veiga and The Associated PressJune 25, 2026
5 hours ago
The bond market knows something about the $39 trillion national debt that Washington doesn’t
EconomyDebt
The bond market knows something about the $39 trillion national debt that Washington doesn’t
By Eva RoytburgJune 25, 2026
6 hours ago
President Donald Trump speaking at a rally in Pennsylvania on June 23, 2026.
Economyoil and gas
Trump turns on Big Oil donors who spent nearly $100 million to get him elected—now he wants the DOJ to investigate them for price gouging
By Tristan BoveJune 25, 2026
7 hours ago
A man pumps his car with gas.
EconomyInflation
U.S. companies swallowed the oil shock. They’re not sure they can do it again
By Sasha RogelbergJune 25, 2026
8 hours ago
Private equity gets cut of two of Taylor Swift’s biggest pop hits through Max Martin’s catalog sale
Arts & Entertainmentprivate equity
Private equity gets cut of two of Taylor Swift’s biggest pop hits through Max Martin’s catalog sale
By Mia OsmonbekovJune 25, 2026
10 hours ago
stock
InvestingMarkets
How one chip stock reversed the global tech selloff, exposed AI’s ‘memory tax’ and made the case for an entire valuation regime change
By Nick LichtenbergJune 25, 2026
11 hours ago

Most Popular

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
Success
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
By Sydney LakeJune 25, 2026
20 hours ago
Now worth $200 million, Sarah Jessica Parker credits being ‘one of eight kids that struggled financially’ for her hunger, ambition, and work ethic
Success
Now worth $200 million, Sarah Jessica Parker credits being ‘one of eight kids that struggled financially’ for her hunger, ambition, and work ethic
By Orianna Rosa RoyleJune 24, 2026
2 days ago
Ikea’s billionaire founder was so frugal that he bought clothes from flea markets and took free salt and pepper from restaurants
Success
Ikea’s billionaire founder was so frugal that he bought clothes from flea markets and took free salt and pepper from restaurants
By Orianna Rosa RoyleJune 25, 2026
20 hours ago
After forcing workers back to the office, Goldman Sachs and JPMorgan Chase are now letting their staff work remotely—but only for the World Cup
Success
After forcing workers back to the office, Goldman Sachs and JPMorgan Chase are now letting their staff work remotely—but only for the World Cup
By Orianna Rosa RoyleJune 23, 2026
3 days ago
Ray Dalio just finished a 10-day trip to China. He says global leaders know America ‘doesn’t have what it takes to fight to maintain its empire’
Asia
Ray Dalio just finished a 10-day trip to China. He says global leaders know America ‘doesn’t have what it takes to fight to maintain its empire’
By Nick LichtenbergJune 24, 2026
2 days ago
Current price of silver as of Thursday, June 25, 2026
Personal Finance
Current price of silver as of Thursday, June 25, 2026
By Joseph HostetlerJune 25, 2026
15 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.