AP Source: Obama picks Mary Jo White to lead SEC

JULIE PACE AP White House Correspondent Published:

WASHINGTON (AP) -- A White House official says President Barack Obama on Thursday will nominate Mary Jo White as chair of the Securities and Exchange Commission.

White served for nearly a decade as the U.S. attorney for the Southern District of New York, specializing in prosecuting white collar crimes. White House officials say White's experience in New York will be essential as the administration implements Wall Street reform.

The official also says that Obama on Thursday will renominate Richard Cordray to lead the Consumer Financial Protection Bureau. The president used a recess appointment to circumvent Congress and install 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 Obama's announcement.