Mary Schapiro has yet to announce her departure as head of the SEC. But already, rumors are swirling of her possible replacement.
Mary John Miller is the Treasury Deparment’s Under Secretary for Domestic Finance and some view her as the top candidate to take Schapiro’s place.
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As Under Secretary, Miller is responsible for developing and coordinating policies toward financial institutions, financial debt financing, financial regulation, and the capital markets.
Schapiro’s term doesn’t end until 2014. But rumors have circulated for some time that she would leave at the end of the year regardless of whether President Obama won the election.
Vanguard founder John Bogle noted that Schapiro has been frustrated by internal opposition at the SEC.
The comment was particularly in reference to her inability to extend the fiduciary mandate to brokers.
She did score a recent victory, however, in advancing money market reforms through the Financial Stability Oversight Council. This was after a long struggle with SEC commissioners to back her on such reforms.
Others are sure to throw their hats into the ring if an announcement comes from Schapiro.
Other top contenders may include David Tittsworth, executive director of the Investment Advisor Association in Washington, DC., who says it is difficult to predict who might fill the role