After taking the helm in 2013, White moved to improve morale at an agency that had been assailed by lawmakers over its failure to spot Wall Street abuses in the run-up to the financial crisis. Her outreach efforts included handing out coffee and doughnuts to rank-and-file employees, and walking the halls of the agency's sprawling headquarters to chat with workers.

“I also looked past Dodd-Frank, past the financial crisis, pushed the mission of the agency as hard as I could, which produced truly game-changing rulemaking,” White said in an interview. The efforts “strengthened investor protections and our financial system, laying the groundwork for future regulatory regimes and aggressive enforcement, ” she said.

Major enforcement actions under White's watch included a September lawsuit accusing hedge fund billionaire Leon Cooperman of insider trading. Policy highlights included pushing through rules designed to make the $18.5 trillion mutual-fund industry more resilient.

The SEC also brought first-of-their-kinds cases such as a settlement with hedge fund Och-Ziff Capital Management Group LLC over allegations it paid bribes to win business and accords with private-equity firms over claims that they didn't adequately disclose fees to investors.

Waiver Fights

White sparred with Democratic commissioners after siding with Republicans to waive additional punishments for companies settling enforcement cases. She also drew persistent criticism from Sen. Elizabeth Warren over what the Massachusetts Democrat saw as the agency's failure to hold individuals accountable for Wall Street wrongdoing.

Warren also chided White for not pursuing rules that would force corporations to disclose their political contributions. The lawmaker last month took the unusual step of urging Obama to remove White from the chairmanship.

The criticism, White said, “comes with the territory. You take a bullet for the agency.”

White's ability to take the punches served the SEC well, said Daniel Gallagher, a former Republican commissioner who left the agency in October 2015. Her biggest accomplishment was pushing through regulations in July 2014 that toughened rules on money-market mutual funds, he said.

“The tough persona that she's developed and needed as a prosecutor really helped,” said Gallagher, who now serves as president of Patomak Partners LLC.

White's departure in January would leave Piwowar, the sole sitting Republican, as the likely acting chair until a permanent replacement is confirmed by the Senate.

While it's early in the process, a number of names are being floated as possible contenders, according to people close to the transition, finance industry trade groups, congressional aides and SEC staff members. Gallagher and Atkins, who is CEO of Patomak Partners, are both possible contenders as are Proskauer Rose lawyer Ralph Ferrara, a former SEC general counsel; and SkyBridge Capital founder Anthony Scaramucci, who's on the executive committee of Trump's transition team. Rep. Scott Garrett, a New Jersey Republican who lost his re-election bid last week, is being pushed as a possibility by Tea Party Republicans.

White, 68, hasn't said what she plans to do next. After serving as the U.S. Attorney for the Southern District of New York under President Bill Clinton, she had a lucrative law career representing banks and other clients. Her husband, former SEC official John White, is a partner at law firm Cravath Swaine & Moore LLP.

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