Obama picks NY Attorney Mary Jo White to lead SEC

WASHINGTON (AP) - President Barack Obama on Thursday will nominate Ms Mary Jo White as chair of the Securities and Exchange Commission (SEC), a White House official has said.

Ms White served for nearly a decade as the US Attorney for the Southern District of New York, specialising in prosecuting white-collar crimes.

White House officials say Ms White's experience in New York will be essential as the administration implements Wall Street reform.

The official also said Mr Obama will renominate Mr Richard Cordray to lead the Consumer Financial Protection Bureau.

The President used a recess appointment to circumvent Congress and install Mr Cordray to the post last year. That appointment runs out later this year.

The official spoke on the condition of anonymity in order to speak ahead of Mr Obama's announcement.