SEC chairwoman to resign, replacement to be Bush appointee

Matthew Boyle Investigative Reporter
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Securities and Exchange Commission chairwoman Mary Schapiro announced Monday that she will resign Dec. 14. Commissioner Elisse Walter, a Democrat who was appointed to her SEC seat by President George W. Bush, will serve as the agency’s next chair.

“Over the past four years we have brought a record number of enforcement actions, engaged in one of the busiest rulemaking period, and gained greater authority from Congress to better fulfill our mission,” Schapiro said in a statement Monday.

Obama had high praise for Schapiro, who took the reins at the SEC in the wake of s series of scandals that embarrassed the financial sector.

“I want to express my deep gratitude to Mary Schapiro for her steadfast leadership at the Securities and Exchange Commission,” Obama said in a statement Monday. “When Mary agreed to serve nearly four years ago, she was fully aware of the difficulties facing the SEC and our economy as a whole. But she accepted the challenge, and today, the SEC is stronger and our financial system is safer and better able to serve the American people — thanks in large part to Mary’s hard work.”

“I am also pleased to designate Elisse Walter as SEC Chairman after Mary’s departure. I’m confident that Elisse’s years of experience will serve her well in her new position, and I’m grateful she has agreed to help lead the agency,” Obama added.

According to Walter’s SEC biography, she served as the agency’s Acting Chairman in January 2009.

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