Obama's SEC Nominees Back Push To Require Guilty Pleas

Law360, New York (June 27, 2013, 3:39 PM EDT) -- President Barack Obama's two nominees to serve on the U.S. Securities and Exchange Commission on Thursday backed the agency's new policy of requiring admissions of guilt in some enforcement actions.

SEC Chairman Mary Jo White alerted the agency's enforcement staff of the potentially groundbreaking change earlier in June after the use of no-admit, no-deny settlements in several high-profile financial crisis-related cases and other enforcement actions drew criticisms from judges, lawmakers and financial reform advocates.

At a confirmation hearing Thursday before the Senate Banking Committee, both Democrat...
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