SEC Chair White’s Testimony; Observations by “Captain Obvious”

SEC Chair White’s Testimony; by “Captain Obvious”



by Jim Toes

Yesterday, SEC Chair White testified for over three hours before the House Financial Services Committee on the SEC’s 2015 Budget request. Congressional leaders used a majority of their questions on such issues as the role of FSOC, uniform fiduciary requirements for RIAs and Brokers, HFT and whether the markets are rigged. Chair White was direct and consistent in her responses and demonstrated a solid understanding and comfort on market structure.

“Our nation’s history has been defined by a series of decisions made by our Presidents. We do not blend all Presidents and their decisions into one opinion of the Presidency. No, we recognize that each President is different. We could all do ourselves and our industry, a great service by taking a similar approach with our chief regulator.”

Predictions on the future of the SEC fall into one of three categories; better, worse or same. I’d like to offer a different, less bold prediction, that will certainly earn me the nickname; “Captain Obvious”. My prediction is that it will be different. Chair White is different than Chairman Schapiro who was different than Chairman Cox and so on down the line. As an association who believes that one person can make a difference, I am confident the Commission during Chair White’s tenure will continue to do things differently than her predecessors.

Our nation’s history has been defined by a series of decisions made by our Presidents. We do not blend all Presidents and their decisions into one opinion of the Presidency. No, we recognize that each President is different. We could all do ourselves and our industry, a great service by taking a similar approach with our chief regulator. Affording her a more open mind and to a certain degree a clean slate so she has an opportunity to lead. After all we reflect our future and our past.

Separately, congratulations to NOIP on an extremely successful conference this week.

Williams & Jensen report on SEC Chair White’s testimony