CFIRA

President Obama Picks Elisse Walter as New SEC Chair

Elisse Walter, Courtesy SEC

Washington, DC — November 26, 2012 – President Obama today said he intends to appoint SEC Commissioner Elisse Walter to lead the Securities and Exchange Commission following today’s announcement that Mary Schapiro would step down as the SEC’s Chair.  Once appointed, Ms. Walter will have the task of leading the implementation of rules governing crowdfund investing under the Jumstart Our Business Startups Act, which was signed into law on April 5, 2012.

Ms. Schapiro became chairman of the SEC in the wake of the financial crisis in January 2009.  She oversaw a more rigorous enforcement and examination program, and shaped new rules by which Wall Street must play. In a statement issued this morning, Ms. Schapiro announced that she would step down as SEC’s  chair on December 14, 2012.

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,” President Obama added. “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.”

Mary Schapiro, Courtesy Securities and Exchange Commission

Before appointed as an SEC commissioner, Elisse Walter served as senior executive vice president of regulatory policy and programs for the Financial Industry Regulatory Authority. She also is the former general counsel of the Commodity Futures Trading Commission.Chairman Schapiro previously served as a commissioner at the SEC from 1988 to 1994. She was appointed by President Ronald Reagan, reappointed by President George H.W. Bush in 1989, and named Acting Chairman by President Bill Clinton in 1993. She left the SEC when President Clinton appointed her as chairman of the Commodity Futures Trading Commission, where she served until 1996. She is the only person to have ever served as chairman of both the SEC and CFTC.

“It has been an incredibly rewarding experience to work with so many dedicated SEC staff who strive every day to protect investors and ensure our markets operate with integrity,” said Chairman Schapiro in a statement released today by the SEC. “Over the past four years we have brought a record number of enforcement actions, engaged in one of the busiest rulemaking periods, and gained greater authority from Congress to better fulfill our mission.”“It has been an incredibly rewarding experience to work with so many dedicated SEC staff who strive every day to protect investors and ensure our markets operate with integrity,” said Chairman Schapiro in a statement released today by the SEC. “Over the past four years we have brought a record number of enforcement actions, engaged in one of the busiest rulemaking periods, and gained greater authority from Congress to better fulfill our mission.”

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