In December 2012, Mary Schapiro, Chairperson of the Securities and Exchange Commission stepped down and President Obama designated SEC Commissioner Elisse Walter as her replacement. Walter can lead the agency through 2013 without Senate approval since she was confirmed as a commissioner in 2008. Schapiro’s departure will temporarily leave the commission evenly divided between two Democrats and two Republicans. This division will likely make it even harder in the writing and implementation of controversial rules. Schapiro joined the SEC in 2009 and walked into the aftermath of the financial crisis and the Madoff Ponzi scheme. Public and investor outcry asked where were the regulators and Schapiro focused on restoring confidence in the SEC. Under Schapiro’s direction, the SEC has been actively crafting financial regulations as required by Congress’s passing of the Dodd Frank Act. While the Commission is behind on many rule implementations, Schapiro has made progress on many rules which Commissioner Walter is expected to continue.
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