The Chair of the Securities and Exchange Commission is one of the most powerful positions in our country. They have more power over Wall Street than almost any other regulator. We need to make sure that a progressive champion holds that all-important seat.
When Mary Jo White was trying to get confirmed as the SEC Chair in 2013, she talked like a progressive. Knowing she needed to get the support of leaders like Elizabeth Warren and Sherrod Brown, White swore she would strengthen the SEC's ability to enforce the law, and make sure that all wrongdoers, no matter the size, would be "aggressively and successfully called to account."
She hasn't kept those promises.
This week, Sen. Warren called White out for her "extremely disappointing" leadership in a 13-page letter -- provoking, as POLITICO put it, "a swift and furious reaction" from Wall Street and corporate Democrats alike.
Warren called White out on a number of specific broken promises that hurt working families:
- She has delayed the discussion of more robust rules to force corporations to disclose their political donations.
- She has recused herself so often from deliberations because of her conflicts of interest that nothing at the SEC can actually get done -- despite claiming during her confirmation hearings that that would not be the case.
- She has continued giving big banks passes to get around regulations they don't like -- even when they've had a history of breaking the law.
And on top of all of that, she has refused to implement a critical component of Dodd-Frank that would allow the public and the media to see clearly for the first time just how executive salaries are fueling the growing income inequality gap: The requirement that public corporations disclose the ratio between the pay of their CEO's and the pay of their median worker.
Enough is enough. Show Wall Street that you are standing with Elizabeth Warren: Tell Mary Jo White to start doing her job by implementing the CEO pay rule NOW.