SEC Chair Mary Schapiro Will Step Down Next Month

Nov
2012
26

posted by on Articles and Commentary

Washington, D.C., Nov. 26, 2012 — , SEC Chairman Mary L. Schapiro today announced that she will step down on Dec. 14, 2012.

Mary Schapiro, courtesy Securities and Exchange CommissionChairman Schapiro became chairman of the Securities and Exchange Commission in the wake of the financial crisis in January 2009. She oversaw a more rigorous enforcement and examination program, and shaped new rules by which Wall Street must play.

“It has been an incredibly rewarding experience to work with so many dedicated SEC staff who strive every day to protect investors and ensure our markets operate with integrity,” said Chairman Schapiro in a statement released today by the SEC. “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.”

Chairman Schapiro previously served as a commissioner at the SEC from 1988 to 1994. She was appointed by President Ronald Reagan, reappointed by President George H.W. Bush in 1989, and named Acting Chairman by President Bill Clinton in 1993. She left the SEC when President Clinton appointed her as chairman of the Commodity Futures Trading Commission, where she served until 1996. She is the only person to have ever served as chairman of both the SEC and CFTC. “I’ve been so amazed by how hard the men and women of the agency work each and every day and by the sacrifices they make to get the job done,” added Chairman Schapiro. “So often they stay late or come in on weekends to polish a legal brief, review a corporate filing, write new rules, or reconstruct trading events. And despite the complexity and the intense scrutiny, they always excel at what they do.”

The SEC has the task to formulate regulations to govern crowdfund investing under the Jumpstart Our Business Startups Act. President Obama signed into law the JOBS Act on April 5, 2012. The JOBS Act required rules for equity crowdfunding by the end of 2012. General speculation is that rules for crowdfund investing will not go public until some time in 2013.