Wall Street's in Good Hands with Mary Jo White
She's part of a corrupted system.
by Stephen Lendman
On January 24, Obama nominated Mary Jo White as SEC head. "You don't want to mess with Mary Jo," he said. Others have different views. More about her below.
Washington is Wall Street occupied territory. Regulatory oversight is absent. Earlier New Deal reforms are gone.
The Securities and Exchange Act of 1934 followed the Securities Act of 1933. Under the Constitution's interstate commerce clause, it required offers and security sales to be registered. State "blue sky laws" previously governed them.
The 1934 law regulated secondary trading of financial securities. It established the SEC under Section 4 to enforce the new act.
Later came the 1939 Trust Indenture Act, the 1940 Investment Company Act, the same year Investment Advisors Act, Sarbanes-Oxley in 2002, the 2006 Credit Rating Agency Reform Act, and Dodd-Frank in 2010.