Mary Jo White, the Chair of the Securities and Exchange Commission, will be presenting before the Senate Committee on Banking, Housing, and Urban Affairs. The open session, scheduled for this Tuesday, June 14 at 9AM, has been labeled, “Oversight of the US Securities and Exchange Commission.” The meeting will be live-streamed on the Committee website.
While the presentation by Chair White may be more routine it will be interesting to hear the questions demanded of her. Appointed by President Obama, White has received some stinging criticism from Committee member Senator Elizabeth Warren in the past. Warren regularly eclipses Democrat Ranking Member Sherrod Brown during Committee discussions. Almost a year ago to the date, Senator Warren stated;
“under your leadership, the SEC has failed to finalize important Dodd-Frank rules… I am disappointed by the significant gap between the promises you made during and shortly after your confirmation and your performance as SEC Chair..”
Dodd-Frank has endured consistent criticism from many engaged in the financial sector. Some see Dodd-Frank as injecting more systemic risk into the financial sector as opposed to lessening the risk it set out to mitigate. Dodd-Frank is widely viewed by community banks as a crippling act of legislation.
The Senate Banking committee hearing tomorrow could be interesting.