OUR THOUGHTS ON:

SEC Chairperson Steps Down

Public Companies

By Steven Thompson

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.

© 2013 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

This advice is not intended or written to be used for, and it cannot be used for, the purpose of avoiding any federal tax penalties that may be imposed, or for promoting, marketing or recommending to another person, any tax related matter.

You’ve heard our thoughts… We’d like to hear yours

The Schneider Downs Our Thoughts On blog exists to create a dialogue on issues that are important to organizations and individuals. While we enjoy sharing our ideas and insights, we’re especially interested in what you may have to say. If you have a question or a comment about this article – or any article from the Our Thoughts On blog – we hope you’ll share it with us. After all, a dialogue is an exchange of ideas, and we’d like to hear from you. Email us at contactSD@schneiderdowns.com.

Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.

© 2018 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

comments