GOP: Outgoing SEC chief defying 'will' of the people with midnight rules

Outgoing Securities and Exchange Commission Chairwoman Mary Jo White is “defying the will of the American people” by moving forward with rulemaking before the next administration takes office, a top Republican said Tuesday.

Rep. Jeb Hensarling, chairman of the House Financial Services Committee, took White to task for keeping open the possibility that the agency she leads might vote on finalizing rules before January, saying that such “midnight rulemaking is neither conducive to sound policy nor consistent with the principles of democratic accountability.”