Mary Jo White, a prosecutor and former U.S. attorney in Manhattan, will be nominated by President Barack Obama to be the next chairman of the Securities and Exchange Commission, according to a White House statement.

The president will also re-nominate Richard Cordray as director of the Consumer Financial Protection Bureau. He was named to the post in January 2012 with a recess appointment that bypassed Senate confirmation.

Obama is scheduled to make the announcements at 2:30 p.m. in the White House.