President Barack Obama will nominate Mary Jo White to head the Securities and Exchange Commission in an announcement later today, White House Press Secretary Jay Carney confirmed Thursday.

"The president believes the appointment [of White] demonstrates the commitment to airing out Wall Street ... to assure that we have rules of the road that are necessary and are being enforced in a way so we don't have the kind of financial crisis that we had," Carney said during a press briefing.

White, who currently heads the litigation department at law firm Debevoise & Plimpton, spent nearly a decade as U.S. attorney for the Southern District of New York. She was the first woman named to the post.

President Obama is also expected to re-nominate Richard Cordray to continue as head of the Consumer Financial Protection Bureau. Back in Jan. 4 of last year, Obama installed Cordray as head of the CFPB while Congress was in recess, pushed to act after the nomination languished in the Senate due to strong Republican opposition.

The recess appointment, however, only gave Cordray a year for his term.

Market News International is a real-time global news service for fixed-income and foreign exchange market professionals. See www.marketnews.com.

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