SEC Chairman Mary Schapiro To Step Down In Three Weeks

Monday, November 26, 2012 11:02
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SEC Chairman Mary Schapiro To Step Down In Three Weeks

Tags: sec

After nearly four years in office, SEC Chairman Mary L. Schapiro today announced that she will step down on Dec. 14, 2012. Schapiro served as chair through one of the most turbulent times in financial history.  It's rare for the SEC chair to serve more than four years and Schapiro for months had reportedly told those close to her she was exhausted, having served at a time when the agency was held in low regard after the lax regulation that led up up the financial crisis.

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While much work remains to be done before the SEC can reclaim its once respected reputation, the agency in each of the past two years brought more enforcement actions than ever before, including 735 enforcement actions in fiscal year 2011 and 734 actions in FY 2012. (SEC Press Release)

While no clear successor to Ms. Schapiro has been publicly discussed by the Obama admnistration,  The New York Times is reporting that Mary J. Miller, a senior Treasury Department official, is under consideration for the job. Others reportedly in the running: Sallie L. Krawcheck, a former top executive at Citigroup and Bank of America and SEC enforcement chief, Robert Khuzami

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