SEC Chief Schapiro Resigns
President Obama names Elisse Walter to replace her
By Kevin Spak, Newser User
Posted Nov 26, 2012 11:19 AM CST
In this Dec. 6, 2011 file photo, Securities and Exchange Commission (SEC) Chair Mary Schapiro testifies on Capitol Hill.   (AP Photo/Evan Vucci, File)

(Newser) – Mary Schapiro is stepping down as SEC chairman, she announced today, making her the first major departure from the Obama administration and one that it was seemingly fully prepared for. President Obama immediately promoted SEC Commissioner Elisse B. Walter to the job, reports the New York Times, which adds that, in a "somewhat surprising step," Walter will receive a permanent, rather than interim, appointment. Schapiro's departure isn't terribly surprising—she had reportedly told staffers she was exhausted and wanted out post-election 2012.

Schapiro earned widespread praise for guiding the SEC in the wake of the Madoff crisis and Lehman Brothers' collapse in her four-year tenure. "The SEC came back from the brink," a Bush-era chairman said. "I give her enormous credit for that." But the Wall Street Journal notes that the end of her term was contentious, with Schapiro taking the unprecedented step of punting the task of tightening rules on mutual funds to another agency, after failing to get the votes to do it in hers.

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Nov 26, 2012 5:40 PM CST
I won't take any president seriously until hear "We are regulating banks so there exists only mid sized financial institutions barring them from acheiving any status that is too big to fail" So..... forget the SEC
Nov 26, 2012 4:44 PM CST
Thanks for your years of doing JACK SHIT about convicting sub-prime, pyramid-scheming Robber Barons.
Nov 26, 2012 1:31 PM CST
The SEC? Is that the body that decrees: "Banks may do whatever the hell they like" and then polices them to make sure they do just (well, OK, more or less, with a lot of leeway) that?