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WASHINGTON, Nov. 14 (UPI) -- President-elect Donald Trump will get to select a new leader of the Securities and Exchange Commission immediately after taking office. SEC Chair Mary Jo White announced her departure on Monday, although there are two years left on her term. The move means Trump will immediately have a major say in how Wall Street is regulated, or deregulated.
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White will leave office when President Barack Obama's administration ends on Jan. 20.
"I am very proud of our three consecutive years of record enforcement actions, dozens of fundamental reforms through our rule-makings that have strengthened investor protections and market stability," White said in a statement Monday. "I also want to express my appreciation for the engagement and dedication of my fellow Commissioners and my financial regulator colleagues, past and present."
White was designated as SEC chairwoman by Obama in 2013 and was officially set to serve until early 2019.
"My duty has been to ensure that the Commission implemented strong investor and market protections, and to establish an enduring foundation for future progress in the most critical areas -- asset management regulation, equity market structure and disclosure effectiveness," White added. "Thanks to the hard work and dedication of the SEC's staff, we have accomplished both."
White, however, was expected to leave her post at the start of the new administration -- even if Hillary Clinton would have won -- so the next commander in-chief can select their own chair.
Trump, who plans to usher in a new era of deregulation, has already assigned industry veteran Paul Atkins to lead the SEC transition efforts. He served as a commissioner under President George W. Bush.
The commission monitors Wall Street practices and other financial institutions and can include up to five commissioners. When White leaves in January, three of those seats will be vacant if Republican Michael Piwowar and Democrat Kara Stein remain.
