After months of speculation, Schapiro made it official Monday, November 26.
As widely anticipated, Securities and Exchange Commission Chairwoman Mary Schapiro announced Monday morning that she would depart from the agency on Dec. 14.
President Barack Obama designated SEC Commissioner Elisse Walter as the new SEC Chairwoman after Schapiro's departure.
President Barack Obama has chosen Elisse Walter, one of five members of the Securities and Exchange Commission, to become chairman of the agency. Chairman Mary Schapiro will leave next month after a rocky tenure in which she helped lead the government's regulatory response to the 2008 financial crisis.
Walter will take over at a critical time for the SEC, which is finalizing new rules in response to the 2008 financial crisis. She can serve through 2013 without Senate approval because she's already been confirmed to the commission.
Obama will need to nominate a permanent successor before Walter's term ends. News reports have suggested that Mary John Miller, a top Treasury Department official, is among those mentioned as a potential candidate.
Walter, who is a Democrat, was appointed to the SEC in 2008 by President George W. Bush. Earlier, she was a senior official at the Financial Industry Regulatory Authority, the securities industry's self-policing organization. She served under Schapiro at FINRA, who led the organization before becoming SEC chairman in January 2009.
Critics argued that Schapiro failed to act aggressively to charge leading individuals at those banks who may have contributed to the crisis. Consumer advocates questioned Schapiro's appointment because she had led FINRA.
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