The US Senate confirmed Mary Jo White as head of the Securities and Exchange Commission, making her the first former prosecutor to lead Wall Street’s biggest watchdog.
Her confirmation was swift and unanimous, suggesting broad bipartisan support.
White succeeds Elisse Walter, who took over as acting SEC chairman from Mary Schapiro less than six months ago.
The 65-year-old White, who was born in Kansas City, Mo., has spent much of her adult life in the Big Apple, including nearly 10 years as Manhattan’s US Attorney.
She earned a reputation as a tough prosecutor by tackling terrorism, financial fraud and organized crime. Under her watch, mob boss John “Teflon Don” Gotti and World Trade Center bomber Ramzi Ahmed Yousef were convicted.
White joins the agency at a time when it’s mired in a morass of rule-making, including sorting out how to implement and enact rules from last year’s JOBS Act.
The SEC is also under attack for its long-running practice of allowing hedge funds, companies and other targets to settle allegations of wrongdoing without admitting guilt.
Several judges have started to question the practice. Most recently, Manhattan federal Judge Victor Marrero said he might not approve the SEC’s record $602 million settlement with hedge-fund giant SAC Capital in part because of an outstanding appeals court case on the same issue.
White is not without her detractors, however. Critics contend that White is conflicted because of her history defending large banks and financial firms as a former partner in Debevoise & Plimpton.
In recent years, she has defended former Morgan Stanley chief John Mack and former Bank of America boss Ken Lewis.