Schapiro to Step Down as Head of SEC

News Brief

By Cydney Posner

Breaking news from the New York Times:

"Mary L. Schapiro, who overhauled the Securities and Exchange Commission after the financial crisis, announced Monday that she was stepping down as chairwoman of the agency.

"In recent days, the S.E.C. informed the White House and Treasury Department that Ms. Schapiro planned to leave Dec. 14, becoming the first major departure from the Obama administration's team of financial regulators. Ms. Schapiro will also relinquish her position as one of the five members of the agency's commission, the group that oversees Wall Street and the broader financial markets.

"The White House announced on Monday that President Obama was naming Elisse B. Walter, a commissioner at the S.E.C., as the new chairwoman. In a somewhat surprising move, Ms. Walter will not step into an interim post, but will take over the top spot for the foreseeable future.

"Ms. Walter's appointment does not require Congressional approval because the Senate previously confirmed her as a commissioner. Eventually, the White House is expected to nominate another agency chief, according to a person briefed on the matter."

The full article can be read here.

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