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November 27, 2012

Schapiro to step down as head of SEC

Mary Schapiro, chair of the US Securities and Exchange Commission, is stepping down next month after nearly four years in charge of the top stock market regulator.

Her departure, which was expected after the presidential election, opens another cabinet-level post for President Barack Obama to fill.

Mr Obama named Elisse Walter, one of the SEC’s five commissioners, as the new chair in the short term though her contract expires at the end of next year. The White House is likely to designate a permanent successor in the coming months.”
“It’s hard to fault her on some of the management miscues of the SEC because it’s such a diverse agency that’s constantly under attack and underfunded,” said Dennis Kelleher, head of Better Markets, a group that campaigns for tougher financial regulation.

“Mr Kelleher argued that a “diverse background and a thorough understanding of capital markets” were vital for Ms Schapiro’s successor.”

Read full Financial Times article here
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