The latest post-election domino has fallen. Mary Jo White, the chair of the Securities and Exchange Commission, will step down at the end of the Obama administration. White announced her departure on Monday, paving the way for Trump to implement his plan to deregulate the financial sector. In addition to replacing White, Trump will be able to fill two openings on the five-member commission, according to Renae Merle of the Washington Post. Thus, it is clear that Trump will be able to reshape the direction of the SEC and quickly pursue a path towards deregulating Wall Street.
Financial institutions, firms, brokers, counsel, and investors should all keep a close eye on potential replacements that Trump is considering, as they will have an immediate impact on securities regulation, or lack thereof. It is now abundantly clear that the regulatory landscape is about to undergo a major shift. Stay tuned.