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Warren Says White Broke Promises in Scathing Letter

Senator Elizabeth Warren sent a 13-page letter to SEC Chair Mary Jo White last week, calling her leadership of the Commission “extremely disappointing.” Warren asserts that White has broken “promises” that she made during the confirmation process. Warren’s criticisms prompted backlash from many, including the White House which reiterated the President’s support for the Chair.

Warren took issue with the SEC’s and White’s actions in the following four areas:

  • The SEC’s lack of progress on finalizing the CEO pay disclosure rule mandated by Dodd-Frank;
  • The number of cases settled by the SEC that have not included an admission or wrongdoing;
  • The frequency with which securities law violators are granted waivers; and
  • The number of cases where White has recused herself either due to her prior employment or her husband’s current work.

White responded to Warren’s letter by releasing a statement to several news outlets, including the Boston Globe:

“I am very proud of the agency’s achievements under my leadership, including our record year in enforcement and the Commission’s efforts in advancing more than 30 congressionally mandated rulemakings and other transformative policy initiatives to protect investors and strengthen our markets. Senator Warren’s mischaracterization of my statements and the agency’s accomplishments is unfortunate, but it will not detract from the work we have done, and will continue to do, on behalf of investors.”