Mary Schapiro has announced she will step down as chairman of the U.S. Securities and Exchange Commission (SEC) on December 14. Various reports have stated that Commissioner Elisse B. Walter is set to be appointed by President Barack Obama to take over the role.
Schapiro became chairman in January 2009 and oversaw the commissions efforts to reform oversight of the securities markets in the U.S., including one of the busiest rulemaking periods in the commissions history, particularly the rules around Dodd-Frank. During her tenure the commission has also implemented a new whistleblower program, increased regulation of asset-backed securities, instituted a regulatory regime for the over-the-counter derivatives market and began regulating private fund advisers.
As chairman, Schapiro also serves on the Financial Stability Oversight Council, the FHFA Oversight Board, the Financial Stability Oversight Board and the IFRS Foundation Monitoring Board.
It has been an incredibly rewarding experience to work with so many dedicated SEC staff who strive every day to protect investors and ensure our markets operate with integrity, Schapiro says. Over the past four years we have brought a record number of enforcement actions, engaged in one of the busiest rulemaking periods, and gained greater authority from Congress to better fulfill our mission.
Walter was appointed as a commissioner by President George W. Bush in July 2008 and was acting chairman of the SEC between the departure of Chairman Christopher Cox and the appointment of Mary Schapiro in January 2009. She has served at the Financial Industry Regulatory Authority (FINRA) and the Commodity Futures Trading Commission (CFTC). She graduated from Yale University with a B.A., cum laude, in mathematics and received a J.D., cum laude, from Harvard Law School.
(CG)