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What You Need to Know About the SEC Shakeup

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    WSJ editorial board member Jason Riley on changes at the SEC.

  • Duration 4:00
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Thanks to -- well to give you get out of Washington a couple of things today we have some changes at the SEC is President Obama this afternoon is expected to dominate.

A former US attorney Mary Jo White to went to back and a white collar law after she left the southern district here in New York but she should be the new chairman apparently.

First prosecutor ever it would be the chairman but then also have been Jack -- on deck as the next Treasury Secretary.

What is Jason Riley and wall street journal editorial board members think of both of -- fine gentlewoman and gentle man.

-- again is seen Jack Lew.

-- someone very ideologically aligned with the president.

Com someone I think he can count on the push his agenda we've heard Obama and the inaugural address.

Say that he wants to preserve our entitlement programs as they are currently constructed Jack Lewis someone who who shares that agenda.

One thing that strikes me about his nomination as you compare -- with how different his background is to some the other.

Treasury picks in recent years from Democrats and Republicans -- mean.

He had Bob Rubin under under Clinton you you had.

-- John Snow -- -- bush Hank Paulson.

People with that you know experience in global finance economic policy.

Little other than a short stint at Citigroup who really has no he's pretty much Washington -- witness he would -- Robert -- -- -- -- I don't -- And -- -- guy what is your view on how much these things matter because when we see John Kerry today some people say.

Well he's obviously experienced he's has been around a long time but at the end of the day the foreign policy's gonna come out of the White House will that be the same.

At the treasury and if so this Jack clue or whoever would be nominated matter what you -- on that.

No I I think I think there's some truth to that I think treasury policy will be run.

Out of the White House and I think -- the president will have a -- strong partner.

And articulate partner with a reputation.

For pushing a hard bargain and I think.

Jack -- primary role here is going to be.

To try and persuade Republicans to go for more spending and higher taxes he favors both of those things -- and I think that's will be pushing what can.

Often happen though is that there is a crisis that comes out of left field you know financial.

I take.

And me what how what would happen -- I mean.

JetBlue might be starent at like I've been a sudden unexpected it's pipe can -- -- -- which is why it's interesting that they chose someone with no particular expertise into the global finance for economic policy.

-- it could come back to haunt them but I don't think that's gonna be his his role his role is going to be depressed.

Republicans and if he can't succeed in passing them then to push for the point 414 elections for Democrats and enlisted.

Does -- Mary Jo White nomination at the SEC tell you anything is there a message -- most people if they've heard of her.

Just know -- -- we pointed -- just prosecutor here in new York at the -- at the US attorney's office -- they don't know that much about her what should they now.

-- she is a prosecutor and she deserves high marks for her prosecution of the first World Trade Center bombing and even the George W Bush Administration -- -- for a while after it took profits.

So -- she deserves high marks for that I'm she also declined to prosecute.

New Jersey senator democratic.

Toward selling -- -- in the ninety's he did have a reputation as the the cleanest politician in Washington.

Yeah.

Yeah.

Fine up to around to prosecute the Teamsters it was pretty strong case at -- sergeant declined to prosecute them but the with a -- and vigorous prosecution the Teamsters.

And she took some hits for that but I think in terms of her running the FCC it's going to be.

More of the same her predecessor.

Mary Schapiro was known for protecting Democrats and unions.

Pushing for for -- you know unions more clout on corporate boards and so work.

I think you can expect the same pretty much out of Mary Jo -- not Jason Riley from the Wall Street Journal thank you very much right inside -- -- have come back thank you bailout.

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