The White House delivered a strong message to Wall Street on Thursday, taking the unusual step of choosing two former prosecutors as top financial regulators, says the New York Times. With the appointments, the president showed a renewed resolve to hold Wall Street accountable for wrongdoing, extolling his candidates' records as prosecutors. But translating that message into action will not be easy, given the complexities of the market and Wall Street's aggressive nature.
At a short White House ceremony, President Obama named Mary Jo White, the first female United States attorney in Manhattan, to run the Securities and Exchange Commission. Obama also renominated Richard Cordray as the director of the Consumer Financial Protection Bureau, a position he has held for the last year under a temporary recess appointment without Senate approval. “It's not enough to change the law,” Mr. Obama said. “We also need cops on the beat to enforce the law.”