SEC Chairwoman Schapiro resigns; Elisse Walter chosen as replacement

Elisse B. Walter
Elisse B. Walter

Updated Nov. 27, 2012

SEC Chairwoman Mary L. Schapiro announced Monday that she is leaving the agency on Dec. 14. President Barack Obama said in a statement that he will designate Commissioner Elisse B. Walter to replace Ms. Schapiro.

Ms. Schapiro took over the agency in January 2009, making hers one of the longest tenures in SEC history. She also served as a commissioner from 1988 to 1994 before leaving to chair the Commodity Futures Trading Commission.

Her tenure as SEC chairwoman has been marked by a renewed emphasis on enforcement and implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which among other things, expanded registration rules for private fund advisers and began rulemaking on derivatives.

“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,” Ms. Schapiro said in a statement Monday.

Of Ms. Walter, Mr. Obama said: “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.”

It was unclear how long Ms. Walter might serve as chairman. An administration official said Mr. Obama intends to make a new nomination to the commission in the near future. The official, who spoke on condition of anonymity, didn’t specify whether the nomination would be for the chairman position.