Let the fiscal cliff road show begin

Republican House Speaker John Boehner and President Barack Obama meet at the White House on Nov. 16 to discuss …President Barack Obama is ramping up efforts to win over Americans—and pressure Congress—on the looming "fiscal cliff," with events at the White House and on the road to argue for the expiration of Bush-era tax cuts chiefly benefiting the rich.

The response from his top Republican foes? On Tuesday morning, Republican Senate Minority Leader Mitch McConnell portrayed the president's outreach effort as an unserious distraction from negotiations with Congress. But minutes after McConnell's sharp-tongued criticism, Republican House Speaker John Boehner's office announced that his members would be countering the president's road show with one of their own.

Obama was meeting on Tuesday behind closed doors with 15 small-business owners from the retail, construction and health care information technology sector. At the White House on Wednesday, the president planned to showcase Americans who would be affected if no deal can be reached to extend middle-class tax cuts. On Friday, Obama planned to travel to the Philadelphia suburb of Hatfield to make a speech at the Rodon Group manufacturing facility. Rodon is an American maker of K'NEX brands, which include Tinkertoy, K'NEX and Angry Bird Building Sets.

In a speech on the Senate floor, McConnell cast the White House efforts as little more than a public relations gambit.

"Rather than sitting down with lawmakers of both parties and working out an agreement, he's back out on the campaign trail, presumably with the same old talking points we're all familiar with," McConnell said. "Look: We already know the president is a very good campaigner. What we don't know is whether he has the leadership qualities necessary to lead his party to a bipartisan agreement on a big issue like this."

But 26 minutes after a transcript of McConnell's remarks landed in reporters' inboxes, Boehner's office made it clear that the House GOP would also be taking its sales pitch on the road.

Republican lawmakers planned to hold events with small businesses around the country warning that job creation will slow if taxes are hiked on small businesses, aides said.

Republicans have warned that Obama's push to let tax cuts expire on income over $200,000 for individuals and $250,000 for families will hit some small businesses, a sector they often credit with fueling job growth. The president characterizes the tax increase—a centerpiece of his successful re-election campaign—as asking wealthier Americans to pay more in order to preserve popular government programs that might otherwise face steep cuts.

"Republicans understand that we must avert the fiscal cliff and have laid out a framework to do so that is consistent with the 'balanced' approach the president says he wants," Boehner's spokesman Brendan Buck said. Buck accused some Democrats of ruling out "sensible spending cuts," notably overhauls of popular entitlement programs such as Medicare, the government health care plan for seniors, and Medicaid, a state-federal program that provides health care to low-income Americans.

The White House and congressional Republicans profess eagerness to avoid the fiscal cliff, an economically toxic blend of tax increases and dramatic spending cuts that will go into effect Jan. 1 unless a deal is reached on a far-reaching deficit-cutting plan (or an agreement is reached to push back what are Congressionally enacted deadlines that lawmakers can un-enact if the president signs on).

Obama spoke to Boehner and Democratic Senate Majority Leader Harry Reid over the Thanksgiving weekend, but Republicans have complained that negotiations are at an impasse. One of the major roadblocks is the fight over whether to let tax rates on higher incomes revert to Clinton-era levels. The fiscal cliff fight could shape the direction of the nation's spending for a decade—and it certainly amounts to Obama's first major test of postelection clout.

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Consumer confidence hits four-year high

WASHINGTON (AP) — U.S. consumer confidence rose this month to its highest level in almost five years, helped by a better outlook for hiring over the next six months.

The Conference Board said Tuesday that its consumer confidence index rose to 73.7 in November from 73.1 in October. Both are the best readings since February 2008.

The index is still below the level of 90 that is consistent with a healthy economy. It last reached that point in December 2007, the first month of the Great Recession. But the index has increased from the all-time low of 25.3 touched in February 2009.

Higher consumer confidence could translate into a more robust holiday shopping season and stronger economic growth. Consumer spending drives nearly 70 percent of economic activity.

The report also supported the findings of a separate survey from the University of Michigan released last week, which showed consumer sentiment at a five-year high. Still, both surveys increased at slower rates than the previous month.

Americans are growing more optimistic because they see the job market improving, the Conference Board said. Employers added 171,000 jobs in October and more jobs were created in August and September than first thought.

The Conference Board surveyed approximately 2,500 households in the first two weeks of the month. Those surveyed were asked how they felt about the economy and job market now, as well as where they see both going in six months. They were also asked if they planned to make a major purchase or take a vacation in the next six months.

The survey found that most people viewed current conditions the same as in October. But the percentage of Americans who expect more jobs to be available in the next six months rose to 20.3 percent, from 19.7 percent in October.

And the percentage of Americans who say jobs are "plentiful" rose to 11.2 percent from 10.4 percent in the previous month. That's the highest level in four years and a good sign for hiring this month.

More Americans said they plan to buy a home, an appliance or take a vacation, the survey found. About 6.9 percent said they planned to buy a home, the highest on record. But the percentage expecting to buy a car fell.

Confidence among households earning $50,000 and higher slipped to 88 from 91.7 in October. But among the poorest households, those earning less than $15,000, confidence jumped to 56.2 from 50.2.

Many of the participants in the Michigan survey said they expect the unemployment rate to drop over the next six months. Still, some expressed concerns about the "fiscal cliff," a package of sharp tax increases and spending cuts that will take effect next year unless Congress and the White House can replace them. The tax increases would leave consumers with much less money to spend.

A better housing market may also be contributing to consumers' better mood.

Standard & Poor's/Case-Shiller reported Tuesday that its 20-city index of home prices rose 3 percent in September compared with the same month last year. Prices also gained 3.6 percent in the July-September quarter compared with the same quarter in 2011.

Across the nation, prices increased in 18 of 20 cities over the 12-month period.

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Nintendo says more than 400,000 Wii Us sold in US

NEW YORK (AP) — Nintendo has sold more than 400,000 of its new video game console, the Wii U, in its first week on sale in the U.S., the company said Monday.

The Wii U launched on Nov. 18 in the U.S. at a starting price of $ 300. Nintendo said the sales figure, based on internal estimates, is through Saturday, or seven days later.

The Wii U is the first major game console to launch in six years. It comes with a new touch-screen controller that promises to change how people play games by offering different people in the same room a different experience, depending on the controller used.

Six years ago, Nintendo Co. sold 475,000 of the original Wii in that console’s first seven days in stores, according to data from the NPD Group. The original Wii remains available, and Nintendo said it sold more than 300,000 of them last week, along with roughly 250,000 handheld Nintendo 3DS units and about 275,000 of the Nintendo DS.

At this early stage, demand isn’t the only factor dictating how many consoles are sold. Supply is, too. This means it’s likely that more people wanted to buy the Wii U in the first week than those who were able to. The original Wii was in short supply more than a year after it went on sale.

As of Monday afternoon, the website of Best Buy Co. was sold out of the Wii U. Video game retailer GameStop Corp. said there was at least a three day wait for a deluxe Wii U, which costs $ 350, has more memory and comes with a game called “Nintendo Land.” GameStop still had the basic, $ 300 version available.

Wedbush analyst Michael Pachter estimates that Nintendo will ship 1 million to 1.5 million Wii Us in the U.S. through the end of January.

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Leading U.S. Democrat Durbin embraces future Medicare reforms

WASHINGTON (Reuters) – Assistant Senate Democratic Leader Dick Durbin, one of U.S. President Barack Obama‘s leading allies, urged fellow liberals on Tuesday to consider reforming the Medicare and Medicaid healthcare programs that they have long fought to shield from cuts.

“Progressives should be willing to talk about ways to ensure the long-term viability of Medicare and Medicaid” programs for the elderly and poor, Durbin said in excerpts of a speech he is to deliver later in the day.

Most Democrats have avoided talking about cutting these two “entitlement” programs, which have been adding to U.S. budget deficits because of the growing numbers of participants and escalating healthcare costs.

Instead, Obama and Democrats in Congress mostly have stressed the need to raise income taxes on the wealthy as part of renewed efforts to reduce budget deficits that have topped $ 1 trillion in each of the past four years.

Lately, Durbin has made high-profile remarks about eventually reducing Medicare and Medicaid costs, just as Republicans have begun talking about raising revenues as part of a tax overhaul effort next year.

On Sunday, Durbin raised the possibility of Democrats accepting Medicare reforms to make higher-income seniors pay more for their care. He made his remarks on ABC’s “This Week” program.

The Illinois senator said, however, that the debate over Medicare and Medicaid should not be part of the more immediate negotiations on averting the “fiscal cliff” of steep tax hikes and spending cuts.

“Meaningful reforms can protect the vulnerable and improve care and efficiency, leaving the programs stronger for future generations,” Durbin said in excerpts of the speech he is to deliver at the Center for American Progress, a liberal think tank.

Durbin’s remarks sought to foster productive talks aimed at averting on January 1 the fiscal cliff, the start of about $ 600 billion worth of tax hikes and automatic spending cuts that could shove the nation into a recession early next year if allowed to go forward.

The key battle pits Republican demands for deep spending cuts against Democrats’ insistence on tax hikes for the wealthiest Americans.

“We can and we should avoid ‘the fiscal cliff’ by acting now – before January 1st – to extend middle class tax cuts for 98 percent of the American people and allow the tax cuts to expire for those earning over $ 250,000 a year,” Durbin said.

Republicans could block any bill that does not extend all tax cuts. But after January 1, with all tax cuts expired, Democrats could draft a bill that cuts taxes only for those earning up to $ 250,000, cranking up pressure on Republicans to go along.

Durbin said decisions on Medicare and Medicaid should not be put off too long.

“Putting the discussions off indefinitely makes our choices harder, our success less likely and negative effects on current beneficiaries a near certainty,” he said.

(Reporting by Thomas Ferraro; Editing by Jackie Frank)

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Mexican beauty queen killed in shootout

CULIACAN, Mexico (AP) — A 20-year-old state beauty queen died in a gun battle between soldiers and the alleged gang of drug traffickers she was traveling with in a scene befitting the hit movie “Miss Bala,” or “Miss Bullet,” about Mexico’s not uncommon ties between narcos and beautiful pageant contestants.

The body of Maria Susana Flores Gamez was found Saturday lying near an assault rifle on a rural road in a mountainous area of the drug-plagued state of Sinaloa, the chief state prosecutor said Monday. It was unclear if she had used the weapon.

“She was with the gang of criminals, but we cannot say whether she participated in the shootout,” state prosecutor Marco Antonio Higuera said. “That’s what we’re going to have to investigate.”

The slender, 5-foot-7-inch brunette was voted the 2012 Woman of Sinaloa in a beauty pageant in February. In June, the model competed with other seven contestants for the more prestigious state beauty contest, Our Beauty Sinaloa, but didn’t win. The Our Beauty state winners compete for the Miss Mexico title, whose holder represents the country in the international Miss Universe.

Higuera said Flores Gamez was traveling in one of the vehicles that engaged soldiers in an hours-long chase and running gun battle on Saturday near her native city of Guamuchil in the state of Sinaloa, home to Mexico’s most powerful drug cartel. Higuera said two other members of the drug gang were killed and four were detained.

The shootout began when the gunmen opened fire on a Mexican army patrol. Soldiers gave chase and cornered the gang at a safe house in the town of Mocorito. The other men escaped, and the gunbattle continued along a nearby roadway, where the gang’s vehicles were eventually stopped. Six vehicles, drugs and weapons were seized following the confrontation.

It was at least the third instance in which a beauty queen or pageant contestants have been linked to Mexico’s violent drug gangs, a theme so common it was the subject of a critically acclaimed 2011 movie.

In “Miss Bala,” Mexico’s official submission to the Best Foreign Language Film category of this year’s Academy Awards, a young woman competing for Miss Baja California becomes an unwilling participant in a drug-running ring, finally getting arrested for deeds she was forced into performing.

In real life, former Miss Sinaloa Laura Zuniga was stripped of her 2008 crown in the Hispanoamerican Queen pageant after she was detained on suspicion of drug and weapons violations. She was later released without charges.

Zuniga was detained in western Mexico in late 2010 along with seven men, some of them suspected drug traffickers. Authorities found a large stash of weapons, ammunition and $ 53,300 with them inside a vehicle.

In 2011, a Colombian former model and pageant contestant was detained along with Jose Jorge Balderas, an accused drug trafficker and suspect in the 2010 bar shooting of Salvador Cabanas, a former star for Paraguay‘s national football team and Mexico’s Club America. She was also later released.

Higuera said Flores Gamez’s body has been turned over to relatives for burial.

“This is a sad situation,” Higuera told a local radio station. She had been enrolled in media courses at a local university, and had been modeling and in pageants since at least 2009.

Javier Valdez, the author of a 2009 book about narco ties to beauty pageants entitled “Miss Narco,” said “this is a recurrent story.”

“There is a relationship, sometimes pleasant and sometimes tragic, between organized crime and the beauty queens, the pageants, the beauty industry itself,” Valdez said.

“It is a question of privilege, power, money, but also a question of need,” said Valdez. “For a lot of these young women, it is easy to get involved with organized crime, in a country that doesn’t offer many opportunities for young people.”

Sometimes drug traffickers seek out beauty queens, but sometimes the models themselves look for narco boyfriends, Valdez said.

“I once wrote about a girl I knew of who was desperate to get a narco boyfriend,” he said. “She practically took out a classified ad saying ‘Looking for a Narco’.”

The stories seldom end well. In the best of cases, a beautiful woman with a tear-stained face is marched before the press in handcuffs. In the worst of cases, they simply disappear.

“They are disposable objects, the lowest link in the chain of criminal organizations, the young men recruited as gunmen and the pretty young women who are tossed away in two or three years, or are turned into police or killed,” Valdez said.

___

Associated Press Writer E. Eduardo Castillo contributed to this report

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New Jersey’s Christie, more popular than ever, seeks re-election

NEW YORK (Reuters) – New Jersey Governor Chris Christie, a Republican star who has enjoying record-high popularity for his hands-on approach to Superstorm Sandy, on Monday filed papers announcing his intention to seek a second term next November.

Christie, a popular surrogate on Republican Mitt Romney‘s failed presidential campaign, delivered the keynote address at the Republican National Convention this summer and is considered a popular choice to run for president in 2016.

Despite his popularity on the national stage, Christie – known for his blunt, sometimes over-the-top style – has sometimes struggled to win over his constituents in liberal New Jersey, where Democrats control both houses of the legislature.

Since Sandy tore through the state on October 29, laying waste to large stretches of the Jersey Shore, Christie’s approval rating has jumped 19 percentage points.

Christie appeared to set politics aside, touring the damage with Democratic President Barack Obama days before November 6 Election Day, and showing a personal touch with residents who lost their homes or loved ones in the storm.

Christie has a 67 percent favorability rating among registered voters, up from 48 percent in October, according to the Rutgers-Eagleton poll.

Since taking office three years ago, Christie’s signature achievement has been a 2011 law that made sweeping changes to the state’s pensions and health benefits for state workers.

(Reporting by Edith Honan; Editing by Jackie Frank)

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UN climate talks open in Qatar

DOHA, Qatar (AP) — U.N. talks on a new climate pact resumed Monday in oil and gas-rich Qatar, where negotiators from nearly 200 countries will discuss fighting global warming and helping poor nations adapt to it.

The two-decade-old talks have not fulfilled their main purpose: reducing the greenhouse gas emissions that scientists say are warming the planet.

Attempts to create a new climate treaty failed in Copenhagen three years ago but countries agreed last year to try again, giving themselves a deadline of 2015 to adopt a new treaty.

A host of issues need to be resolved by then, including how to spread the burden of emissions cuts between rich and poor countries. That’s unlikely to be decided in the Qatari capital of Doha, where negotiators will focus on extending the Kyoto Protocol, an emissions deal for industrialized countries, and trying to raise billions of dollars to help developing countries adapt to a shifting climate.

“We all realize why we are here, why we keep coming back year and after year,” said South Africa Foreign Minister Maite Nkoana-Mashabane, who led last year’s talks in Durban, South Africa. “We owe it to our people, the global citizenry. We owe it to our children to give them a safer future than what they are currently facing.”

The U.N. process is often criticized, even ridiculed, both by climate activists who say the talks are too slow, and by those who challenge the scientific near-consensus that the global temperature rise is at least partly caused by human activity, primarily the burning of fossil fuels like coal and oil.

The concentration of greenhouse gases such as carbon dioxide has jumped 20 percent since 2000, according to a U.N. report released last week.

A recent projection by the World Bank showed temperatures are on track to increase by up to 4 degrees C (7.2 F) this century, compared with pre-industrial times, overshooting the 2-degree target that has been the goal of the U.N. talks.

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Rolling Stones turn back clock with hit-filled comeback

LONDON (Reuters) – The Rolling Stones turned back the clock in style on Sunday with their first concert in five years, strutting and swaggering their way through hit after familiar hit to celebrate 50 years in business.

Before a packed crowd of 20,000 at London‘s O2 Arena, they banished doubts that age may have slowed down one of the world’s greatest rock and roll bands, as lead singer Mick Jagger launched into “I Wanna Be Your Man”.

More than two hours of high-octane, blues-infused rock later, and they were still going strong with an impressive encore comprising “You Can’t Always Get What You Want” and “Jumpin’ Jack Flash”.

In between there were guest appearances from American R&B singer-songwriter Mary J. Blige, who delivered a rousing duet with Jagger on “Gimme Shelter” and guitarist Jeff Beck who provided the power chords for “I’m Going Down”.

Former Rolling Stones Bill Wyman and Mick Taylor were also back in the fold, performing with the regular quartet of Jagger, Ronnie Wood and Keith Richards on guitar and Charlie Watts on drums for the first time in 20 years.

“It took us 50 years to get from Dartford to Greenwich!” said Jagger, referring to their roots just a few miles from the venue in southeast London. “But you know, we made it. What’s even more amazing is that you’re still coming to see us…we can’t thank you enough.”

The Sunday night gig was the first of two at the O2 Arena before the band crosses the Atlantic to play three dates in the United States.

The mini-tour is the culmination of a busy few months of events, rehearsals and recordings to mark 50 years since the rockers first took to the stage at the Marquee Club on London‘s Oxford Street in July, 1962.

There has been a photo album, two new songs, a music video, a documentary film, a blitz of media appearances and a handful of warm-up gigs in Paris.

“STYLE AND PANACHE”

The reunion nearly did not happen. One factor behind the long break since their record-breaking “A Bigger Bang” tour in 2007 has been Wood’s struggle with alcohol addiction, while Jagger and Richards also fell out over comments the guitarist made about the singer in a 2010 autobiography.

But they eventually buried the hatchet, and Richards joked in a recent interview: “We can’t get divorced – we’re doing it for the kids!”

Critics were fulsome in their praise of the first comeback gig.

“Keith Richards has said that the beauty of rock and roll is that every night a different band might be the world’s greatest. Well, last night at the O2 Arena, it was the turn of the Rolling Stones themselves to lay claim to the title they invented,” wrote Neil McCormick of the Daily Telegraph.

“And they did it with some style and panache.”

The big question on every fan’s lips is whether the five concerts lead to a world tour and even new material. The Stones sang their two new tracks “Doom and Gloom” and “One More Shot”, which appeared on their latest greatest hits album “GRRR!”.

Richards has hinted that the five concerts ending at the Newark Prudential Center in the United States on December 15 would not be the last.

“Once the juggernaut starts rolling, it ain’t gonna stop,” he told Rolling Stone magazine. “So without sort of saying definitely yes – yeah. We ain’t doing all this for four gigs!”

The band has come in for criticism from fans about the high price of tickets to the shows – they ranged from around 95 pounds ($ 150) to up to 950 pounds for a VIP seat.

The flamboyant veterans, whose average age is 68, have defended the costs, saying the shows were expensive to put on, although specialist music publication Billboard reported the band would earn $ 25 million from the four shows initially announced. A fifth was added later.

“Everybody all right there in the cheap seats,” Jagger asked pointedly as he looked high to his left at the arena. “They’re not really cheap though are they? That’s the trouble.”

Among the biggest cheers on the night were for classics including “Wild Horses”, “It’s Only Rock and Roll” and “Start Me Up”.

There was even time for the odd reference to their advancing years.

“Good to see you all,” said Richards with a mischievous grin. “Good to see anybody.”

(Reporting by Mike Collett-White, editing by Paul Casciato)

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Leyes no reducen la sobreutilización de costosas terapias del cáncer prostático

NUEVA YORK, 26 nov (Reuters Health) – Dos estudios coinciden

en que las leyes para prevenir el uso excesivo de servicios de

salud no impiden que los médicos sigan indicando terapias

costosas para el cáncer de próstata.

Los autores hallaron que los médicos utilizaban cirugías

robóticas y radioterapias especiales para tratar la enfermedad,

sin importar si en la región existían leyes que exigen una

autorización oficial previa para el uso de instalaciones y

nuevos equipos médicos.

“Las leyes de certificación de necesidad se diseñaron para

alinear la demanda pública con el uso de distintos servicios”,

dijo el doctor Bruce Jacobs, autor principal de uno de los

estudios, de University of Michigan, Ann Arbor.

El gobierno de Estados Unidos impulsó que los estados

implementaran las leyes en los 70 y los 80, pero dejó de hacerlo

un par de décadas después. Aun así, algunos estados siguen

utilizándolas para controlar los costos.

En cada estudio, los autores analizaron tratamientos del cáncer

de próstata, que es el más común en los varones estadounidenses.

La Sociedad Estadounidense del Cáncer estima que a uno de cada

seis hombres se le diagnosticará cáncer prostático, pero que la

mayoría no morirá por esa causa. Estudios previos habían

mostrado que este cáncer es de lento crecimiento y que la

mayoría de los pacientes se puede controlar con espera vigilada.

El equipo de Jacobs revisó si en los estados con normas

estrictas (los que exigen aprobación hasta para el uso de

equipos de bajo costo) se utilizaban menos cirugías robóticas

para extirpar la próstata que en los estados con leyes no tan

estrictas o sin leyes.

En The Journal of Urology, los autores escriben que tanto el

costo de esos robots como si la cirugía robótica supera o no a

la cirugía tradicional para extirpar la próstata deberían ser

“la meta ideal” de revisión donde se aplican esas leyes.

En septiembre, por ejemplo, uno de los estudios que había

cuestionado la utilidad de la cirugía robótica demostró que los

hombres operados con la técnica robótica tuvieron pocas

complicaciones, pero puso en tela de juicio la conveniencia de

sus efectos en el largo plazo y su costo.

Pero otro estudio más reciente mostró que la cirugía robótica

reducía las complicaciones, las reinternaciones y las muertes

por causas quirúrgicas que los métodos tradicionales, según

informó Intuitive Surgical, el fabricante del sistema quirúrgico

da Vinci.

“Eso es importante para el paciente y para reducir el gasto del

sistema de salud”, indicó por e-mail Angela Wonson, vocera de

Intuitive Surgical.

En el nuevo estudio, los autores hallaron un aumento del uso

de la cirugía robótica para extirparle la próstata a un grupo de

beneficiarios de Medicare, independientemente de si el estado

contaba con leyes estrictas, más blandas o ninguna ley. Además,

la posibilidad de que un cirujano utilizara robots no tenía

relación alguna con la vigencia de las normas.

Un segundo estudio, a cargo del doctor Ganesh Palapattu, jefe

de oncología urológica de University of Michigan, analizó si las

leyes limitaban el uso de la radioterapia de intensidad modulada

o IMRT, por su sigla en inglés, o si controlaba el aumento de

los costos de atención del cáncer prostático (la IMRT permite

que los médicos orienten la radiación al tumor sin dañar el

tejido sano que lo rodea).

El equipo escribe que la IMRT es costosa y que, hasta ahora, no

habría sido comparada con otros tratamientos del cáncer de

próstata en un estudio aleatorizado, que es el diseño de

preferencia en la investigación clínica.

Al comparar el costo de tratar a una persona con cáncer

prostático en los estados con leyes y los estados sin leyes, el

equipo observó que las leyes no parecían influir en el control

de los costos de los tratamientos.

Palapattu opinó que es tiempo de reevaluar las leyes.

FUENTE: The Journal of Urology, online 19 de noviembre del

2012.

Seniors/Aging News Headlines – Yahoo! News

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SEC chair Mary Schapiro leaving post

President Barack Obama announced Monday he had picked Securities and Exchange Commissioner Elisse Walter to replace outgoing Chairman Mary Schapiro, who plans to step down in mid-December. Schapiro has helmed the agency since January 2009, winning confirmation with the economy shaken to its core by the global financial meltdown.

Walter is a former top official of the Financial Industry Regulatory Authority, Wall Street's industry-funded watchdog. She does not need Senate confirmation to her new post.

The new SEC chairman will likely find herself in the thick of a fight over financial industry regulations known as Dodd-Frank. Some Obama aides have said the president hopes to improve aspects of the law, while Republicans insist they want to roll back many of its provisions. And big banks want a say in how the new rules are implemented. 

Obama praised Schapiro for her stewardship of the SEC during a critical time.

"When Mary agreed to serve nearly four years ago, she was fully aware of the difficulties facing the SEC and our economy as a whole," Obama said in a statement. "But she accepted the challenge, and today, the SEC is stronger and our financial system is safer and better able to serve the American people—thanks in large part to Mary's hard work."

"I'm confident that Elisse's years of experience will serve her well in her new position, and I'm grateful she has agreed to help lead the agency," the president said.

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