MutualFundWire.com: Obama Picks a New SEC Chief

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Monday, November 26, 2012

Obama Picks a New SEC Chief

Elisse B. Walter
SEC
Commissioner, Chairman-Designate

Another Finra alum is in line to take over the SEC.

This morning the regulatory agency revealed that Chairman Mary Schapiro will step down next month. U.S. President Barack Obama (Democrat) then named SEC Commissioner Elisse Walter as his choice to fill Schapiro's shoes.

Mary Schapiro
SEC
Outgoing Chairman

Obama picked Walter as acting SEC chairman in January 2009. Yet it was President George W. Bush, a Republican, who first appointed Walter to a Democratic seat on the commission in 2008. Prior to that, she served as senior executive vice president of regulatory policy and programs at broker-dealer regulator Finra while Schapiro was running Finra.

Prior to her work at Finra (and its predecessor, NASD), Walter served as General Counsel for another regulator, the Commodity Futures Trading Commission. She joined the SEC in 1977 and eventually served as Deputy Director of the division for corporate finance.

"I am also pleased to designate Elisse Walter as SEC Chairman after Mary's departure," Obama stated today. "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."

Release

THE WHITE HOUSE

Office of the Press Secretary

FOR IMMEDIATE RELEASE

November 26, 2012

Statement by President Obama on the Departure of SEC Chairman Mary Schapiro

Today, the President issued the following statement on the announcement by Mary Schapiro, the Chairman of the Securities and Exchange Commission, that she will be leaving her post. The President also announced that he intends to designate Elisse Walter, a current Commissioner, as Chair upon Ms. Schapiro’s departure next month.

President Obama said, "I want to express my deep gratitude to Mary Schapiro for her steadfast leadership at the Securities and Exchange Commission. 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."