washington u.s. securities exchange commission chair mary jo white monday defy request senate republicans delay adopt new rule everything derivatives mutual fund president-elect donald trump take office letter senate bank committee top two republicans chairman richard shelby mike crapo idaho white stress incumbent sec exhibit spirit firm independence perform regulatory duties without fear favor white dec. 12 letter review reuters come response request last month shelby crapo sec cease adopt rule trump chance review agency agenda republicans congress press agencies across federal government wind rulemaking activities trump vow kill many regulations put book obama administration include dodd-frank wall street reform law white independent slat step post end democratic president barack obama term january senate fail confirm obama two nominees vacant commissioner slot sec recess last week mean white depart next month sec leave two commissioners one democrat one republican even leave could still fail get rule pass get quorum commissioners agree trump yet announce nominee sec chair many people work financial regulatory transition team former sec commissioner paul atkins highly critical many sec rule dodd-frank broadly white letter monday provide shelby crapo list rule currently ready vote among rule list derivatives reform mandate dodd-frank capital margin requirements swap dealers well controversial one would limit mutual fund exchange-traded fund use derivatives leverage return letter say sec might vote rule agency could open meet behind close doors sec spokeswoman decline comment time insensitive issue raise letter carefully consider impact election current work commission white write add confirm sec historically proceed work comparable post-election periods support position white include footnote letter cite prior statements republican sec commissioner mike piwowar poise become act chair january voice support complete new derivatives rule first time sec face criticism efforts complete rule change leadership regulator 2005 federal appeal court side u.s. chamber commerce dispute sec controversial rule require majority mutual fund board directors independent court send rule back sec directive consider cost then-sec chairman william donaldson promptly schedule meet sec re-adopted day resignation say rule would overly costly rule subsequently overturn second time court chide sec fail follow proper rulemaking procedures even white successful adopt final rule come weeks congress may way undo trump take office jan. 20. law congress vote reverse regulations within 60 legislative days become final could easy accomplish republican-controlled congress white house sec chair white defy republican request stall rulemaking