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Thursday, December 18, 2008

Reports: FINRA Chief Will Fill Cox's Shoes

Reported by Neil Anderson, Managing Editor

Mary Schapiro's appointment should be made official soon, but there's no word yet on what will happen to Chris Cox. The news of Schapiro's ascension is widely reported (see Bloomberg, the Financial Times, Los Angeles Times, USA Today, the Wall Street Journal and the Washington Post), with President-Elect Barack Obama widely expected to formally announce on Friday his selection of Schapiro as the next SEC chairman.

Schapiro, a former SEC commissioner herself, currently leads FINRA, successor to the NASD.

Since SEC chairmen serve set terms (like Fed governors) and thus do not serve at the pleasure of the president, it seems fair to assume that Cox will resign shortly after Obama's presidency begins. What Cox plans to do after that is unclear. 

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