Tag Archives: Mary Jo White

SEC Finally Moves on Equity Crowdfunding, Phase 1

By Chance Barnett, Contributor As the CEO of Crowdfunder and a participant in JOBS Act legislation, I’ve had unique access to people and parties involved the regulatory process, and I wanted to share some insights with you. Those in favor of equity crowdfunding had reason to celebrate recently. On July 10th, just three months after taking office, Mary Jo White, Chairman of the SEC, called a portion of the JOBS Act to vote which passed 4-1. The SEC vote finalized rulings around Title II of the JOBS Act, which lifts the longtime ban on public solicitation and creates a new type of offering called 506(c), that essentially allows companies, for the first time in over 80 years, to freely advertise that they are fundraising to the general public. Here’s the simple SEC Fact Sheet about the vote and new ruling. When White took office she stated that she saw crowdfunding laws as a priority. With this first movement by the SEC, we see that Chairman White has the desire and will to implement the JOBS Act and crowdfunding-related laws that were passed with overwhelming bipartisan support, but the SEC nearly killed JOBS Act Rulings for equity crowdfunding under the two previous Chairs.   What This First SEC Ruling Around Equity Crowdfunding Means Pulling out the top level details, this ruling paves the way for companies looking to raise investment via equity crowdfunding to use a platform like Crowdfunder to advertise/promote their offering to Accredited Investors within a “walled garden”, like the Crowdfunder’s verified Accredited Investor Network. This was also made possible from a legal and regulatory perspective under a recent No Action Letter from the SEC. The more significant implication of the Title II Ruling is that companies on equity crowdfunding platforms can soon, but not today, begin promoting their investment offering OUTSIDE of a verified Accredited Investor community online, on places like social networks (Facebook, Twitter, LinkedIn), as long as that promotion leads back to a platform that verifies Accredited Investors before giving them access to the investment offering. Companies making offerings must also do a new and more comprehensive filing with the SEC prior to doing any solicitation. One of the most interesting areas this will have an impact is how it might shape the opportunities and behavior of existing Angel Groups. These already coordinated groups of investors have an opportunity, and it’s likely that angel groups can leverage the power of equity crowdfunding for their own benefit, if they know how to jump on the opportunity. …read more

Source: FULL ARTICLE at Forbes Latest

SunTRUST or UNTRUSTWORTHY For SEC Chair Mary Jo White

By Bill Singer

With the recent confirmation of Mary Jo White as the new Chair of the Securities and Exchange Commission (the ?SEC?), much has been made of her considerable credentials as a former prosecutor and veteran litigator ? Wall Street purportedly has a new pit bull on the beat, but how much of that feistiness is bark and how much is bite? We may soon find out. See, “Securities And Exchange Commission Revolving Door Spins For Mary Jo White” (Street Sweeper, January 22, 2013).

From: http://www.forbes.com/sites/billsinger/2013/04/14/suntrust-or-untrustworthy-for-sec-chair-mary-jo-white/

Is the Fox in the Hen House?

By Andrew Marder, The Motley Fool

Filed under:

If we’ve learned nothing over the past decade, we’ve learned that on Capitol Hill, Democrats and Republicans hate each other. So I suppose we should all be applauding the unanimous approval of Mary Jo White as the new head of the Securities and Exchange Commission. Apparently not one single U.S. Senator was concerned that, for the last decade, she worked to defend banks like JPMorgan Chase , Morgan Stanley , and UBS .

Maybe that doesn’t matter, and White will be completely unbiased. Even so, the number of cases she’ll have to recuse herself from seems likely to exceed the number she’ll be allowed to hear in her first year, because of the number of personal connections she still holds in the banking world.

The warm embrace of familiarity
Wall Street‘s love of American politics has never been in question, and in the 2012 election, the financial sector gave over $88 million to presidential campaigns, according to the Center for Responsive Politics. The close connection the industry feels with politicians has led to what many have deemed a revolving door between Wall Street and Capitol Hill.

During the financial crisis, then Treasury Secretary Hank Paulson was reported to have held closed-door meetings with his former employer, JPMorgan. Those close ties may lead to weakness in policy and in litigation. Unfortunately, White’s nomination isn’t a breath of fresh air, but just more of the same.

Commenting on the appointment, the Investment Company Institute — a trade group for money markets, which recently tried to sue the Commodity Futures Trading Commission — applauded the appointment. Without making it a black and white issue, shouldn’t we want the people who are working on behalf of the companies that are suing the government to be more upset with these appointments? While they might have to work together, I’d be happier if the Institute had been furious.

What comes next
To paraphrase Senator Sherrod Brown, who initially voted against White’s appointment, I’m not worried that White is a bad person, and I’m not worried she’s going to be manipulated — I’m worried that we’ve made the system of oversight too chummy with those that it’s supposed to oversee.

White will have to recuse herself for a year in cases that involve former clients, but after that, things don’t get much clearer. With a net worth well over $15 million and a decade spent in the financial industry, White is probably going to have to sit out of at least a few cases in which she has a financial interest in the outcome.

While it’s probably not fair to say that there’s a fox in the hen house, it’s not all that far off. I’m reminded of a Far Side cartoon that depicts a dingo farm built right next door to a nursery, with a caption that just reads “Trouble brewing.” That’s what we’ve got now — trouble brewing. 

With big finance firms still trading at deep discounts to their historic norms, …read more

Source: FULL ARTICLE at DailyFinance

Mary Jo White Confirmed By Senate As SEC Chairman

By The Huffington Post News Editors

(Adds background on White, SEC)
By Sarah N. Lynch
WASHINGTON, April 8 (Reuters) – The U.S. Senate on Monday confirmed former federal prosecutor Mary Jo White as the new head of the U.S. Securities and Exchange Commission, the agency tasked with policing Wall Street and writing new rules of the road for financial markets.
White received wide bipartisan support in the Senate thanks to her reputation as a tough former U.S. Attorney for the Southern District of New York, where she went after mobsters and terrorists.
White was nominated in January by President Barack Obama, roughly a month after SEC Chairman Mary Schapiro stepped down from the post.
She sailed through her March 12 confirmation hearing before the Senate Banking Committee [ID: nL1N0C43HH], and received little opposition on March 19 when the panel voted 21-1 to send her confirmation to the full Senate. [ID: nL1N0CB5N9]
White will be taking over the helm of the SEC at a critical time. The agency still has much work remaining as it seeks to finalize rules required by the 2010 Dodd-Frank Wall Street reform law, particularly in the areas of over-the-counter derivatives and credit-rating agencies.
The agency is also behind on completing capital-raising rules required by more recent legislation, the 2012 Jumpstart Our Business Startups (JOBS) Act, which relaxes certain securities regulations to help small businesses raise funds and go public.
The SEC has been stuck in a rut since Schapiro left in December, leaving the five-member panel divided between two Democrats and two Republicans.
Since then, the SEC has done little in the way of rulemaking.
What little criticism White has received so far has mostly been about her ties to Wall Street.
After working as a prosecutor, she became a partner at Debevoise & Plimpton where she represented high-profile clients including JPMorgan, former Bank of America CEO Ken Lewis, UBS …read more

Source: FULL ARTICLE at Huffington Post

Senate Approves Obama's Choice to Head SEC

The US Senate has confirmed Mary Jo White‘s nomination as chairman of the Securities and Exchange Commission, making her the first former prosecutor to lead the federal agency that oversees Wall Street. White was approved today by a Senate voice vote. She will replace Elisse Walter, who has been interim… …read more

Source: FULL ARTICLE at Newser – Home

SEC Attempts To Give Cases Bite With New, Customized Punishments

By The Huffington Post News Editors

By Aruna Viswanatha
WASHINGTON, March 12 (Reuters) – The U.S. Securities and Exchange Commission is experimenting with punishments that more closely fit the wrongdoing at issue in a bid to give its enforcement cases more bite.
Criticized for its traditional practice of a broad ban on wrongdoers breaking securities law again, the SEC is testing injunctions that specifically bar certain behavior, such as giving advice to pension funds or profiting from presenting investment seminars.
Critics of the SEC‘s typical broad prohibitions say they are ineffective and not well enforced. Customized injunctions could also be a more precise tool than the blunt instrument of barring an individual from being a company officer or director.
“We want to use all of the tools available to us to specifically discourage repeat misconduct and go beyond the injunctions we traditionally obtain,” George Canellos, the SEC‘s acting enforcement director, told Reuters in an interview.
In the past year SEC lawyers have slowly started seeking injunctions that bar defendants from specific types of conduct, even if that conduct is itself legal.
They are relying on authority derived from the 2002 Sarbanes-Oxley investor protection law that makes explicit courts’ authority to follow through on the SEC‘s recommended injunctions.
“We are actively exploring ways to invoke that authority more creatively toward the goal of creating remedies tailored to the misconduct at issue,” he said.
The new push comes as former top federal prosecutor Mary Jo White is poised to take over the agency. She is expected to win confirmation from the Senate and plans to tell lawmakers on Tuesday that she will bring a “bold and unrelenting” enforcement program to the agency.
Canellos previously worked under White as a federal prosecutor in the U.S. Attorney’s office in Manhattan, and could stay on at the SEC in a senior enforcement role.
TURNING A PAGE
As securities regulators turn …read more
Source: FULL ARTICLE at Huffington Post

The Nomination Of Mary Jo White: More Than Just Politics

By Jonathan Sack, Contributor

The President’s nomination of Mary Jo White to become Chairman of the SEC has generated reservations as well as praise.*   Naysayers wonder whether her years in private practice representing banks and bankers, including J.P. Morgan Chase, Kenneth Lewis of Bank of America and John Mack of Morgan Stanley, will make it impossible for her to “switch sides” and hold financial companies accountable for violations of the law. …read more
Source: FULL ARTICLE at Forbes Latest

Mary Jo White as SEC Chairman

By Richard F. Albert, Contributor President Obama’s recent naming of Mary Jo White to be Chairman of the SEC has been greeted with praise from almost all quarters.  But because she is best known for her highly successful tenure as a federal prosecutor, in response to the news of her current appointment, some have raised questions about, as the New York Times put it, her “command of Wall Street arcana” because “[r]egulatory chiefs are often market experts or academics.”
Source: FULL ARTICLE at Forbes Latest

New SEC Chief Arrives with Gold-Plated Resume, but Much of Dodd-Frank Remains Unimplemented

By Timothy Spangler, Contributor The appointment of Mary Jo White to head up the Securities and Exchange Commission is an attempt to make a clear and definitive statement. The Obama administration wants investors and savers to believe that it is prioritizing the policing of Wall Street during the President’s second term.
Source: FULL ARTICLE at Forbes Latest

WEEKLY ADDRESS: Two Nominees Who Will Fight for the American People

By The White House

WASHINGTON, DC—In this week’s address, President Obama discussed his nomination of Mary Jo White to lead the Securities and Exchange Commission and Richard Cordray to continue as Director of the Consumer Financial Protection Bureau. The President signed into law rules of the road to reform Wall Street and protect consumers, and these two individuals will be the tough cops on the beat to enforce the law and protect middle class Americans.

The audio of the address and video of the address will be available online at www.whitehouse.gov at 6:00 a.m. ET, Saturday, January 26, 2013.

Remarks of President Barack Obama
Weekly Address
The White House
January 26, 2013

Hi, everybody. Here in America, we know the free market is the greatest force for economic progress the world has ever known. But we also know the free market works best for everyone when we have smart, commonsense rules in place to prevent irresponsible behavior.

That’s why we passed tough reforms to protect consumers and our financial system from the kind of abuse that nearly brought our economy to its knees. And that’s why we’ve taken steps to end taxpayer-funded bailouts, and make sure businesses and individuals who do the right thing aren’t undermined by those who don’t.

But it’s not enough to change the law – we also need cops on the beat to enforce the law. And that’s why, on Thursday, I nominated Mary Jo White to lead the Securities and Exchange Commission, and Richard Cordray to continue leading the Consumer Financial Protection Bureau.

Mary Jo White has decades of experience cracking down on white-collar criminals and bringing mobsters and terrorists to justice. At the SEC, she will help complete the task of reforming Wall Street and keep going after irresponsible behavior in the financial industry so that taxpayers don’t pay the price.

Richard Cordray is a champion for American consumers. After the Senate refused to allow Richard an up-or-down vote when I nominated him in 2011, I took action to appoint him on my own. And since then, he’s helped protect Americans from predatory lenders, launched a “Know Before You Owe” campaign to help families make smart decisions about paying for college, and cracked down on credit card companies that charge hidden fees. But Richard’s appointment runs out at the end of the year, and in order for him to stay on the job, the Senate needs to finally give him the vote he deserves.

As President, my top priority is simple: to do everything in my power to fight for middle-class families and give every American the tools they need to reach the middle class.

That means bringing in people like Mary Jo and Richard whose job it is to stand up for you. It means encouraging businesses to create more jobs and pay higher wages, and improving education and job training so that more people can get the skills that businesses are looking for. It means reforming our immigration system and keeping our children safe from the menace of gun violence. And it means bringing down our deficit in a balanced way by making necessary reforms and asking every American to pay their fair share.

I am honored and humbled to continue to serve as your President. And I am more hopeful than ever that four years from now – with your help – this country will be more prosperous, more open, and more committed to the principles on which we were founded.

Thanks, and have a great weekend.

###

Source: FULL ARTICLE at The White House Press Office

Video: Obama Loses His Cool During Speech

By Daniel Noe

This time, a fly got the better of President Obama. The president tried to slap down the intruder during the ceremony nominating attorney Mary Jo White to head the Securities and Exchange Commission. “This guy is bothering me here,” Obama said as he swatted away the miscreant.

Source: FULL ARTICLE at Western Journalism

What Should The SEC Expect From Mary Jo White?

By Michael Bobelian, Contributor President Barack Obama nominated Mary Jo White to take over as the new chairwoman of the Securities and Exchange Commission yesterday.  If confirmed by the Senate, White will oversee an agency that is still recovering from the failures connected to the 2008 financial crisis and Bernard Madoff’s Ponzi scheme.
Source: FULL ARTICLE at Forbes Latest

President Obama Nominates Mary Jo White to Run the SEC

By <a href="/author-detail/475">Colleen Curtis</a>

President Obama announced today that he wants Mary Jo White, a former U.S. Attorney for the Southern District of New York, who has built a reputation as a tough and effective prosecutor with a proven record of bringing criminals to justice, to head up the Security and Exchange Commission in his second term.

As U.S. Attorney, White specialized in investigating and prosecuting large scale white collar crimes and complex securities and financial institution fraud — and won convictions against the terrorists responsible for bombing the World Trade Center and American embassies in Africa, as well as John Gotti, the head of the Gambino crime family. As President Obama said during the personnel announcement in the State Dining Room, “You don't want to mess with Mary Jo.”

read more

Source: FULL ARTICLE at The White House

Remarks by the President at a Personnel Announcement

By The White House

State Dining Room

2:38 P.M. EST

THE PRESIDENT: Good afternoon, everybody. Over the last four years, I’ve talked about how shared prosperity — from Wall Street to Main Street — depends on smart, common-sense regulations that protect the vast majority of Americans from the irresponsible actions of a few.

That’s why we passed tough reforms to protect consumers and our financial system from the kinds of abuse that nearly brought the economy to its knees. Today, there are rules to help families — responsible families buy a home or send their child to college without worrying about being tricked out of their life savings. There are rules to make sure that financial firms which do the right thing aren’t undermined by those that don't do the right thing. And there are rules to end taxpayer-funded Wall Street bailouts once and for all.

But it’s not enough to change the law. We also need cops on the beat to enforce the law. And that’s why, today, I am nominating Mary Jo White to lead the Security and Exchange Commission, and Richard Cordray to continue leading the Consumer Financial Protection Bureau.

This guy is bothering me here — (swatting at a fly.)

As a young girl, Mary Jo White was a big fan of the Hardy Boys. I was, too, by the way.

MS. WHITE: Good. Good.

THE PRESIDENT: Yes. As an adult, she’s built a career the Hardy Boys could only dream of. Over a decade as a U.S. Attorney in New York, she helped prosecute white-collar criminals and money launderers. In the early 1990s, she brought down John Gotti, the head of the Gambino crime syndicate. And she brought to justice the terrorists responsible for bombing the World Trade Center and the American embassies in Africa. So I’d say that’s a pretty good run. You don't want to mess with Mary Jo.

As one former SEC chairman said, Mary Jo “does not intimidate easily.” And that’s important, because she has a big job ahead of her. The SEC played a critical role in protecting our financial system during the worst of the financial crisis. But there’s much more work to be done to complete the task of reforming Wall Street and making sure that American investors are better informed and better protected going forward. And we need to keep going after irresponsible behavior in the financial industry so that taxpayers don’t pay the price.

I am absolutely confident that Mary Jo has the experience and the resolve to tackle these complex issues and protect the American people in a way that is smart and in a way that is fair.

And I want to thank Elisse Walter, who has done an outstanding job holding down the fort as chairwoman. And I expect the Senate to confirm Mary Jo as soon as possible so she can get to work.

My second nominee is a familiar face. A year and a half ago, I nominated Richard Cordray to lead the watchdog agency we created to give Americans the information they need to make sound financial choices and protect them from unscrupulous lenders and debt collectors.

As a former attorney general of Ohio with a long record of working with Democrats and Republicans on behalf of the American people, nobody questioned Richard’s qualifications. But he wasn’t allowed an up or down vote in the Senate, and as a consequence, I took action to appoint him on my own. And over the last year, Richard has proved to be a champion of American consumers.

Thanks to his leadership, we’ve made it tougher for families to be tricked into mortgages they can’t afford. We’ve set clearer rules so that responsible lenders know how to operate fairly. We’ve launched a “Know Before You Owe” campaign to help parents and students make smart decisions about paying for college. We’ve cracked down on credit card companies that charge hidden fees, and forced those companies to make things right. And through it all, Richard has earned a reputation as a straight shooter and somebody who’s willing to bring every voice to the table in order to do what’s right for consumers and our economy.

Now, Richard’s appointment runs out at the end of the year, and he can’t stay on the job unless the Senate finally gives him the vote that he deserves. Financial institutions have plenty of lobbyists looking out for their interests. The American people need Richard to keep standing up for them. And there’s absolutely no excuse for the Senate to wait any longer to confirm him.

So I want to thank Mary Jo, Richard, and their families once again for agreeing to serve. And now I’d like to invite them to say a few words, starting with Mary Jo.

MS. WHITE: Thank you, Mr. President, for the confidence that you have placed in me and the faith that you’ve shown in me by nominating me to be the next chair of the Securities and Exchange Commission. I’m deeply, deeply honored.

If confirmed by the Senate, I look forward to committing all of my energies to working with my fellow commissioners and the extremely dedicated and talented men and women of the staff of the SEC to fulfill the agency’s mission to protect investors, and to ensure the strength, efficiency, and the transparency of our capital markets.

The SEC, long a vital and positive force for the markets, has a lot of hard and important work ahead of it. I would welcome the opportunity to lead those efforts and to build on the work of Chairman Mary Shapiro and Chairman Elisse Walter, who I’m very honored is present today.

And finally, and most importantly, I want to thank my husband, John White, who is here today, on what is our 43rd anniversary —

THE PRESIDENT: Today?

MS. WHITE: — today — for his strong support of me in seeking to engage in this very significant and challenging public service.

Thank you very much.

THE PRESIDENT: Thank you.

Richard.

MR. CORDRAY: Thank you, Mr. President, for the confidence you’ve placed in me and our team at the Consumer Financial Protection Bureau. We understand that our mission is to stand on the side of consumers — our mothers and fathers, sisters and brothers, sons and daughters — and see that they’re treated fairly.

For more than a year, we’ve been focused on making consumer finance markets work better for the American people. We approach this work with open minds, open ears, and great determination.

We all thank you and the Congress for the opportunity and the honor to serve our country in this important way. Thank you.

THE PRESIDENT: Well, I just want to thank again Mary Jo and Richard for their willingness to serve. These are people with proven track records. They are going to look out for the American people, for American consumers, and make sure that our marketplace works better — more transparently, more efficiently, more effectively. So I again would urge the Senate to confirm both of them as quickly as possible.

And I also want to express congratulations to the Whites for their anniversary. If I had known, we would have maybe rolled out a cake or something. (Laughter.) But have fun.

MS. WHITE: Thank you.

THE PRESIDENT: I hope you enjoy it.

END
2:46 P.M. EST

Source: White House Press Office

Press Gaggle by Press Secretary Jay Carney, 1/24/2013

By The White House

James S. Brady Press Briefing Room

10:32 A.M. EST

MR. CARNEY: Good morning. Welcome to the first gaggle of the second term. (Laughter.)

Q Historic.

MR. CARNEY: Precisely. The first only comes once.

So, as you know, the President is — you’ll see the President later this afternoon. He has a personnel announcement, and therefore I decided to move my meeting with you to the morning, do an off-camera gaggle, something that a number of you have asked that we do a little more frequently and I’m happy to oblige.

We’re going to do this — for those of you who aren’t familiar with it — kind of try to, in keeping with tradition — efficient, no seven questions for members of the first row before we get to move it around. Maybe one way that I think this has been done is sort of one topic per person so we can move around, try to do this in 20 minutes, and so you guys can get back to work.

With that, I’ll go to the Associated Press.

Q Thanks. On the Pentagon’s announcement on women in combat, can you explain what the President’s role was in that decision?

MR. CARNEY: I can tell you that the President is very pleased with the announcement that Secretary Panetta and Chairman Dempsey will be making official on this important policy change later today. I’ll let the Secretary and the Chairman discuss the details.

The President fully supports this effort to expand opportunities for women, to serve in our armed forces. As you know, women are already serving in critical roles throughout our military, and the President believes strongly that we should continue to remove these unnecessary gender-based barriers to service.

Despite the existence of these barriers heretofore, as you know, women have fought and bled and died in Iraq and Afghanistan in uniform, and the President believes that this is a very appropriate policy change.

Q Did he ask Secretary Panetta to take this on?

MR. CARNEY: This is something that he and the Secretary have discussed in their regular meetings over time. But obviously, this is a decision that is generated by the Joint Chiefs and the Secretary, which is appropriate — not a directed decision. But it’s certainly one that the President believes is appropriate, and I think that’s a position he’s held for some time.

Q And does he think it’s appropriate for women to serve in all combat forces, including Special Forces, like the SEALs or the Delta Force?

MR. CARNEY: I’ll let Secretary Panetta and Chairman Dempsey talk about the details this afternoon before we go into the details here. I think that’s appropriate given that this is a military decision that’s being I think recommended by the Joint Chiefs to the Secretary, so we’ll let them present. And then I’m sure tomorrow I can take more questions on it.

Q Jay, North Korean officials have made some belligerent comments, including talking about how there are rockets and tests targeted at the United States. Could you comment on that, and also talk about whether any repercussions are in the offing?

MR. CARNEY: North Korea’s statement is needlessly provocative, and a test would be a significant violation of United Nations Security Council resolutions. Further provocations would only increase Pyongyang’s isolation, and its continued focus on its nuclear and missile program is doing nothing to help the North Korean people.

As you know, the U.N. Security Council in a resolution adopted just two days ago expressed its determination to take significant action in the event of a further launch or nuclear test. Resolution 2087 is a strong message of the international community’s opposition to North Korea’s provocations, and these tightened sanctions will help impede the growth of weapons of mass destruction programs in North Korean programs — in North Korea rather — and the United States will be making — taking additional steps in that regard. But I have nothing more for you on it.

Q Do these comments tell you anything about the direction of the regime of Kim Jong-un?

MR. CARNEY: Look, we judge North Korea by its actions, and provocations like these are significant violations. And we act accordingly. We certainly haven’t seen a noticeable change in behavior.

Q John Boehner — Speaker Boehner was quoted saying that “the President’s goal is to annihilate the Republican Party.” What’s the President’s reaction to that?

MR. CARNEY: Well, I haven’t spoken to the President about that, but I know it’s not his goal. His goal is to work together with Congress, with members of both parties to achieve progress on behalf of the American people. You heard him say in the inaugural address that even though we have profound differences and differences that we will not resolve necessarily in the next year or two or three or four, it is imperative that we come together and act on behalf of the American people. And there are things that we can and must do together.

The President believes that a strong two-party system is the foundation of our democracy and looks forward to working with Republicans as well as Democrats to get things done.

Q He wouldn’t object to the annihilation of the Republican Party, would he? (Laughter.)

MR. CARNEY: I think he would object to — he believes that the two-party system is part of the foundation of our democracy, and that it is a healthy aspect of our democracy even if it’s contentious.

Ours is not the only politics in the world that is contentious and appropriately so. What he believes, however, is that we need to have spirited debates but not debates that paralyze us. We need to compromise, not be absolutists, but agree that the call — that the need to act on behalf of the American people should compel us to make reasonable compromise while we stick to our principles. And that's the approach he’s taken since he entered the White House, and it’s the approach he intends to take in the second term.

Q Without betraying anything that happened in his private conversations on Inauguration Day, second Inauguration Day, did anything in any of his meetings with the leaders who were here or up on the Hill lead him to believe that there will be more comity, or was there any — c-o-m-i-t-y —

MR. CARNEY: I applaud the use of that word.

Q — or goodwill, or was there any exchange of promises?

MR. CARNEY: I don't have any specific information about conversations that took place on Inauguration Day. I think that it was appropriately a day where we celebrated as Americans, not as Democrats or Republicans. And it is a remarkable thing that we have, without drama, these peaceful transitions of power or extensions of time in office. And that's something to celebrate as Americans, and the President feels that way.

But we — as I said yesterday, I believe, and previous to that, some of the decisions that Republicans have made recently, including a decision to abandon a strategy in their approach to the debt ceiling, is a welcome development.

One of the things that the President believes firmly is that we are not helping ourselves or helping the American people, or helping the American economy when we govern from crisis to crisis — manufactured crisis to crisis. And we understand — he understands that there will be tough negotiations over how to further reduce our deficit, for example, in a balanced way, but that we can do that if we, all of us, approach the task with compromise in mind and not confrontation and crisis.

Even with some of the positive signs we've seen and avoiding the debt ceiling crisis, I think there are Republican leaders on record saying they want a shutdown, for example, because it would be good for member management. That's a hard thing to sell to the American people, right? That's not a great strategy, I think in the President’s view. But, again, we'll see how things unfold. The President looks forward to working cooperatively with members of both parties in Congress.

Q Jay, which of those regulated by the SEC know about Mary Jo White’s qualifications? And does it suggest a new level of aggressiveness of regulatory enforcement?

MR. CARNEY: Well, I can confirm that the President, later today, will announce his intention to nominate Mary Jo White to serve as chair of the Securities and Exchange Commission. I'll obviously leave some of this to the President, but it’s certainly out there and been confirmed.

Mary Jo White — for those of us, as you were, here in the ‘90s, know of her extraordinary record as a U.S. attorney in the Southern District of New York. I mean, she prosecuted a number of large-scale white-collar crimes in complex securities and financial institution fraud. She brought justice to the terrorists responsible for the bombing of the World Trade Center and for the bombing of American embassies in Africa. She also served as a director of the Nasdaq Stock Exchange.

As you know, the SEC plays an essential role in the implementation of Wall Street reform and rooting out reckless behavior in the financial industry. The President believes that that appointment and the other one — the re-nomination he’s making today — demonstrate the commitment that he has to carrying out Wall Street reform, making sure that we have the rules of the road that are necessary and that are being enforced in a way that ensures we don't have the kind of financial crisis that we had that led to the worst economic crisis that we've seen since the Great Depression.

Q Don’t mess with the SEC.

MR. CARNEY: Look, she's got an incredibly impressive résumé, and the President is very pleased to be able to nominate her.

Q Jay, to follow up — the debt ceiling having now been shuffled back to May, the next deadline is the return of the sequester. Is the President going to submit a proposal of his to replace the sequester, which he doesn't like?

MR. CARNEY: The President has submitted a proposal, as you know, and as I said yesterday, that proposal stands. He has put forward significant spending cuts and additional revenues gleaned from tax reform and closing of loopholes and capping of deductions that would significantly go beyond, in terms of size, the sequester.

Q I thought that's a larger-scale thing —

MR. CARNEY: It is. But the whole point of a big deal was that it would eliminate both the sequester and achieve broader deficit reduction for the long term, and that the President still believes that we need to come together to finish the job; that instead of doing in whole, we've been doing in steps to achieve $4 trillion-plus over a decade of deficit reduction through spending cuts, entitlement reforms, and increased revenues.

Q So that's the way he's going to attack this is to go back to trying to get the big deal, as opposed to —

MR. CARNEY: I don't have specifics to play out for you in terms of what tactical approaches we'll take. But the President's broad principle and the specifics of how he believes we can responsibly cut spending as opposed to taking a hatchet in an across-the-board way, which is what the sequester does — and nobody supports that enactment. And as a counter to that, he's put forward very specific proposals.

Q I understand that. I'm just saying that the immediate deadline is the sequester. So he's not going to try and deal just with the sequester? He could —

MR. CARNEY: Again, you're asking me what like specifically we may have to propose for that in however many weeks or months. Broadly speaking, the sequester is —

Q Four weeks away.

MR. CARNEY: Yes, so weeks — fair, right? Or a month. Anyway, I don't have anything specific for you beyond what the President has already put on the table, which is detailed and substantial and which the President looks forward to discussing with congressional leaders.

Q Jay, we know that probably a few minutes from now, Dianne Feinstein is going to introduce the assault weapons ban. The Vice President will be in Richmond tomorrow with the Governor and some others discussing this. Can you give us a little bit of a sense — given the fact that for a lot of Democrats this is challenging, sort of treacherous territory — how the White House views pursuing what were three of his top priorities, which are magazines, assault weapons, and background checks if the order by which you pursue that is significant and how he sort of prioritizes going about that to be able to accomplish the biggest change?

MR. CARNEY: Well, I'm not going to lay out to you a legislative strategy. We're obviously working with Senator Feinstein and other leaders in Congress on this matter. As the President made clear, the fact that some of these are hard to achieve — all of them in many ways are hard to achieve, some of his goals — doesn't mean that we should not work aggressively to achieve them. There's broad public support for taking action.

Not a single one of the President's proposals that he put forward last week would take a gun away from a single, law-abiding American citizen. He believes that the Second Amendment right to bear arms is important and he supports it. But we ought to be able to take common-sense measures to reduce the amount of gun violence in this country and to increase the amount of security for our people, most especially our children.

Q How does pursuing the assault weapons ban first not make it more challenging to pursue the others, given that's the one with the most opposition?

MR. CARNEY: Again, I just don't have a lot of process answers to give you and tactical or strategic answers to give you. We're working with Congress. The things you've mentioned are the — represent the legislative portion of the President's proposals, and they mirror in many ways action that members of Congress, Senator Feinstein as you mentioned being one of them, want to take. And we'll work with them on moving forward with congressional leaders on how they will move forward on these proposals.

And the President made clear that he will use the power of his office, as will the Vice President, to help bring about these important reforms.

Robert.

Q Thanks. A two-parter. Do you expect any troubles with Cordray and the confirmation this time, given the recess appointment history last time?

MR. CARNEY: Well, I would say two things. One, when the President nominated Richard Cordray to this very important post, which provides important reforms to protect consumers, he was widely praised by Republicans and Democrats. He had worked with Republicans and Democrats in his position in Ohio. There were no objections on substance to his nomination. Unfortunately, it was blocked because — for political considerations, because some folks in Congress don't believe that we should have an effective Consumer Finance Protection Bureau. The President strongly disagrees. The American people strongly disagree.

Hopefully, the fact that Richard Cordray has substantial bipartisan support out in the country and at the time — and we can provide that to you — was praised by Republicans and Democrats — former Attorneys General, as he was — hopefully it will convince the Senate to move forward and allow the up-or-down vote that he deserves.

Q So you expect clear sailing then pretty much?

MR. CARNEY: That's not what I said at all. (Laughter.) I wouldn’t want to predict an outcome except to say that there are no objections to him on substance. He is absolutely the right person for the job. He has done an excellent job in his position, and the President hopes very much the Senate will confirm him.

Q Okay. Can you update us a little bit on Jack Lew? Mr. Geithner’s last day I believe is either today or tomorrow.

MR. CARNEY: I didn't see him today. I don't know when his — I can't remember. Tomorrow.

Q Are you expecting an acting —

MR. CARNEY: Well, again I’m not going to predict how the Senate will handle any particular nomination. It’s the Senate’s prerogative to confirm nominees. The President feels very strongly that Jack Lew is an excellent and highly qualified nominee, and we hope — he hopes that the Senate will move expeditiously to confirm him. We have a highly qualified deputy Treasury Secretary who remains in place — Neal Wolin. And again, we just — we hope the Senate moves quickly.

Q Thanks very much. On immigration, has the President given any more thought on moving forward on immigration — whether you can do it in one full package, whether he’ll end up breaking it up into separate pieces? And has he reached out at all to Marco Rubio whose plan has been out there, and the President’s has been somewhat receptive —

MR. CARNEY: Well, I haven’t seen a plan and I don't think anybody else has. He’s spoken about it. And the principles, as I said the other day, reflect very closely the blueprint that is available on WhiteHouse.gov for the President’s approach to comprehensive immigration reform, and we find that a good thing.

The President looks forward to working with Congress, members of both parties. He has always said that this is the kind of thing that has to be bipartisan and has in the past enjoyed bipartisan support from Republican leaders as well as rank-and-file senators and members of Congress.

President George W. Bush, as you know, was a strong proponent of comprehensive immigration reform, as was Senator McCain. And the President looks forward to working with Republicans and Democrats in achieving comprehensive immigration reform. He does absolutely believe that we need to do this in a comprehensive way, that that's the appropriate way to move forward to ensure that we put in place the kind of comprehensive reform that achieves all the goals that are necessary here.

Q How soon will we see something —

MR. CARNEY: The President has made clear that he intends to act very quickly —

Q How soon?

MR. CARNEY: I'm not going to hem him in by putting a timetable on it, but I think you can expect him to be true to his word, which is to take up this issue very early in his second term. And, by the way, this is the third full day of his second term.

I think John, I said, and then Peter.

Q Two more, Jay. Will the President ask or has he already asked the Vice President to take a lead role in dealing with Congress on these budget issues — sequester and debt ceiling?

MR. CARNEY: The Vice President has always played an important role in these issues and will continue to play. There’s not a set negotiation right now over these issues, but the Vice President has and always will play a role in working with Congress on financial and budget issues, on issues related to gun violence and immigration reform. And that's one of the things that the President counts on with the Vice President, is being able to have the Vice President take a role because of his substantial relationships on Capitol Hill.

Q But are we talking about the kind of direct and active role that we saw him play in December on the fiscal cliff?

MR. CARNEY: I don't think we're in a position to say how the endgame of these things will play out. We hope that this moves forward in a way that allows us to achieve a bipartisan solution that is balanced, that protects seniors and families with disabled children, people trying to send their kids to college; that reforms entitlements in a way that strengthens them, makes sure they’re there for future generations; that enacts tax reform that makes sure that corporations and wealthy individuals are paying their fair share and that the burden is not being borne entirely by the middle class or vulnerable communities.

And those are the President’s principles. They’re embodied in the proposals he’s put forward. And his entire team will be working with Congress to try to achieve them.

Peter.

Q Can I go back to the first question on the women in combat? The way you suggested it makes it sounds like the President was more of a passive player rather than a decider on this. Were there deputy meetings? Were there principal meetings? Is this something that the —

MR. CARNEY: I don't have a process to read out to you. I would ask you to wait for the formal announcement later today from Secretary Panetta and the Chairman of the Joint Chiefs. Again, this is something the President has supported, believes is important. I think it in many ways formalizes a reality that has been taking place on the ground, but it also opens up enormous possibilities in terms of positions for women in the armed forces, and the President views that as a very, very good development.

But it’s also very important that this be something that is — that comes through the military, because the military, our armed forces, will be implementing it. And that's a welcome thing.

So I'll allow —

Q But he’s the Commander-in-Chief, though. Does he have to sign off on it, as opposed to just simply supporting it?

MR. CARNEY: He is Commander-in-Chief.

Q Right, so does he just support it, or does he have to sign off on it?

MR. CARNEY: Well, again, why don't we wait for the announcement. He is — he’s the boss.

Yes, all the way in the back. One more and then we'll go.

Q Thank you, Jay. About — because we saw yesterday, there could be some senators holding a press conference and saying they were sending a letter to the President pressing him to — how to make his decision on the XL Keystone Pipeline faster. How close are we to a decision on this?

MR. CARNEY: I would refer you to the State Department. We appreciate input from lawmakers, but as you know, as is in keeping with longstanding tradition, multi-administration tradition, these reviews are conducted by the State Department, and when the State Department concludes that process, we'll move forward, there will be a decision. But I'm not going to get ahead of that process.

So the timeline will be —

Q Has he received this letter?

MR. CARNEY: I'm aware of the letter. I don't — I'm sure we have it. But again, it’s not — this is not an issue to be decided that way. We're keeping with formal tradition here. The State Department reviews it, and I refer you to them for the timeline.

Thanks very much.

END
10:58 A.M. EST

Source: FULL ARTICLE at The White House Press Office