White promises 'bold, unrelenting' enforcement at SEC

The former federal prosecutor told a Senate panel that investors need to know the playing field is level and that wrongdoers will be “aggressively and successfully” pursued.

White also pledged to avoid potential conflicts of interest from her work over the past decade as a corporate litigator.

“Strong enforcement is necessary for investor confidence and is essential to the integrity of our financial markets,” White, 65, said during a two-hour confirmation hearing before the Senate Banking Committee.

She is expected win confirmation from the panel and the full Senate, becoming the first prosecutor to lead the SEC. She would replace Elisse Walter, who has been interim chairman since Mary Schapiro resigned in December.

Senators also questioned Richard Cordray, who was re-nominated by Obama to head the Consumer Financial Protection Bureau. His confirmation is less certain. Many Republicans opposed the creation of the agency in 2010 and want to limit his power.

Chairman Tim Johnson said after the hearing that the panel would vote on both nominations “as soon as possible.” Still, he noted that Republican objections to the consumer agency could hold up the vote.

White served as the U.S. attorney in Manhattan from 1993 through 2002. By nominating her to the post, President Barack Obama sent a signal that he wants the government to get tougher with Wall Street.

Critics have complained that the SEC has failed to act aggressively to charge top executives at the biggest U.S. banks who may have contributed to the 2008 financial crisis.

White said enforcement would be a priority and that she would pursue “all wrongdoers — individual and institutional, of whatever position or size.”

“Proceeding aggressively against wrongdoers is not only the right thing to do, but it also will serve to deter the sharp and unlawful practices of others who must be made to think twice -and stop in their tracks - rather than risk discovery, pursuit, and punishment by the SEC,” White told the panel.

Still, much of White's work over the past decade has been representing corporate interests. At Debvoise & Plimpton, a prominent New York-based law firm, her clients included JPMorgan Chase, Microsoft, General Electric and Toyota.

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