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SEC Chair Says She Will Step Down from Agency in January

The SEC announced that Chairwoman Mary Jo White plans to leave her post in January at the end of the Obama Administration. Chair White has led the agency since 2013, presiding over significant post financial crisis regulation, including money market fund reform. It remains unclear who will fill Chair White’s seat under President-Elect Trump’s Administration. With Chair White’s departure, President-Elect Trump would be left with three commissioner vacancies to fill. Paul Atkins, a former SEC commissioner, is believed to be leading transition issues related to the SEC and other financial regulatory agencies. A Wall Street Journal report said that Mr. Trump’s presidency is expected to bring major change to financial regulation both in terms of policy and personnel with curbs on rulemaking activity and serious challenges for the Dodd-Frank Act. Commissioner Michael Piwowar is expected to lead the SEC as acting chair upon Chair White’s departure.