Securities and Exchange Commission Chair Mary Jo White announced Monday that she is stepping down from her position around the same time President Barack Obama leaves office.
Her departure comes two years before the end of her term.
“It has been a tremendous honor to work alongside the incredibly talented and dedicated SEC staff members who do so much every day to protect investors and our markets,” White said in a press release Monday.
With White's exit, the SEC will be left with two commissioners -- - Democrat Kara Stein and Republican Michael Piwowar -- who disagree, according to Reuters.
So unless two SEC nominees are confirmed during the lame duck session, President-elect Donald Trump will likely be tasked with appointing one of the two to serve as acting chairman.
During the Obama administration, the SEC pushed for rules that would make it difficult for banks to make risky deals.
If this lands on Trump's plate, it will test how willing he is to further crack down on Wall Street abuses. According to the Washington Post, he previously indicated that he would welcome a period of deregulation.
In addition to replacing White, he will have two other positions to fill on the five-member commission.
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