MutualFundWire.com: MarketWatch Columnist Weighs in on White

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Thursday, March 21, 2013

MarketWatch Columnist Weighs in on White

As reported yesterday, it is looking more and more likely that Mary Jo White will be easily confirmed as the new SEC chairwoman.

With that in mind, MarketWatch columnist David Weidner has some choice words for the soon-to-be top market cop.

He starts by noting that it isn't about the nomination process, but what happens after:

But for investors interested in fair and transparent markets, the Senate Banking Committee’s seal of approval doesn’t count for much. What matters is whether White will vigorously enforce the rules.

The number of civil fraud enforcement cases is down at the SEC. It could be the result of Wall Street behaving. But who are we kidding?

He then says that even though White says she'll be tough, its important to see action.

They are the right words. But lawyers, especially the Wall Street variety, have been known to know what to say even if the truth is something else.

There is, however, reason to be optimistic. White easily could have turned down the job, she was making far more at her private firm than she would in government service. She also is smart enough to know that she will be watched closely by the media and investor advocates.