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Obama nominates Mary Jo White to lead SEC

Signaling the possibility of an aggressive new strategy for regulating Wall Street, President Obama today nominated Mary Jo White, a former U.S. Attorney for the Southern District of New York and high-profile prosecutor, to head up the Securities and Exchange Commission.

Mr. Obama, in remarks announcing the nomination this afternoon, lauded White for her career accomplishments — which include prosecuting both mafia boss John Gotti and the mastermind behind the 1993 World Trade Center bombing — and expressed confidence in her abilities to help the administration keep Wall Street in check.

The president, who also re-nominated former Ohio Attorney General Richard Cordray to chair the Consumer Financial Protection Bureau (CFPB), said that both White and Cordray would be responsible for enforcing existing laws meant to protect consumers, including those enumerated in the Dodd-Frank Wall Street Reform and Consumer Protection Act, which Congress passed in 2010.