Reportedly, attorney Mary Jo White has been picked by President Obama as the next head of the Securities and Exchange Commission. She is a William & Mary graduate with broad experience in prosecuting white collar crimes.
The president is slated to announce the pick in the State Dining Room this afternoon, January 24.
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Richard Cordray will also be announced to serve as head of the Consumer Financial Protection Bureau, extending his previous appointment that expires at the end of 2013.
White grew up in McLean, VA and was the US attorney in Manhattan for almost a decade. She has a reputation as a tough prosecutor
in complex securities and fraud cases. Sources say she will be well suited to implement the president’s Wall Street reform legislation.
In other news, weekly jobless claims fell unexpectedly to a five-year low, decreasing by 3000 to 330,000 for the week ended January 19. This is the lowest level of unemployment insurance claims since the same week in 2008.
The report underlies the volatility that is normal for this time of year due to the end of the holiday season and adjustments that are made at the beginning of the New Year. Analysts say numbers will revert to normal
toward the end of the month.