John White, a partner at Cravath, Swain & Moore, counsels companies on their disclosure and accounting requirements, according to the firm's website. Mary Jo White told the Senate Banking Committee in March 2013 that her husband's legal work wouldn't interfere much with her own duties as chair.

In response, she said Tuesday that the agency has advanced more than 30 regulations required by Congress and last year levied more than $4 billion in penalties against defendants accused of misconduct.

“Senator Warren's mis-characterization of my statements and the agency's accomplishments is unfortunate, but it will not detract from the work we have done, and will continue to do, on behalf of investors,” White said.

White House press secretary Josh Earnest said Tuesday that White, a former U.S. Attorney for Manhattan who later defended corporate clients, has “a very strong track record.” President Barack Obama is confident she shares his priorities for regulating Wall Street, Earnest said.

“The president does continue to believe that she is the right person for the job,” Earnest said when asked about Warren's letter.

Warren criticized White for not yet finishing a regulation that would require companies to report how much more chief executives earn than the median worker. The rule is required under the 2010 Dodd-Frank law.

White told senators last year that she expected to complete the rule by the end of 2014. In a recent meeting with Warren, White said she hoped it would be done by the fall of 2015, according to the letter.

Warren also faulted White for sidestepping Democrats' calls to require companies to report their political spending—a project White removed from the SEC's regulatory agenda in November 2013.

Granting Waivers

Warren called on White to curb the practice of granting waivers that allow banks to continue business as usual after they settle cases with the SEC or criminal authorities. The waivers allow banks to continue to manage mutual funds, raise money for hedge funds, and issue their own debt with less oversight.

And the Massachusetts senator said the SEC should seek more admissions of fault as a condition of settling charges against companies. White said in June 2013 that the SEC would make companies admit wrongdoing more often. It has required admissions in 19 cases, according to Warren.

“I am disappointed that you have not been the strong leader that many hoped for—and that you promised to be,” Warren said in the letter. “I hope that you will step up to the job for which you have been confirmed, and that you will guide the SEC once again to meet its core mission of protecting investors and maintaining fair, orderly, and efficient markets.”

–With assistance from Silla Brush and Toluse Olorunnipa in Washington.

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