SEC Chairman to Step Down in December

After serving as chairman of the ""Securities and Exchange Commission"":http://www.sec.gov/ (SEC) for nearly four years, Mary L. Schapiro announced Monday she will step down on December 14.

Schapiro was appointed as chairman by President Obama in January 2009 and was sworn in by the end of the month after receiving unanimous confirmation from the Senate. She is one of the longest-serving SEC chairmen and holds the distinction of being the first woman to serve as a permanent chairman.

She has a long history with the SEC, having served as a commissioner from 1988 to 1994. She left the agency when President Clinton appointed her as chairman of the ""Commodity Futures Trading Commission"":http://www.cftc.gov/index.htm, where she served until 1996.

During Schapiro's tenure, the SEC has worked to bolster its examination and enforcement programs, engaging in one of the busiest rulemaking periods in decades as the agency forms new regulations for Wall Street. In each of the past [COLUMN_BREAK]

two years, the SEC has brought more enforcement actions than ever before, including 735 actions in fiscal year 2011 and 734 in 2012.

""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,"" Schapiro said. ""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.

""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,"" she added. ""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.""

In a release from the White House, President Obama expressed gratitude for Schapiro's service and announced his intent to appoint Commissioner Elisse Walter to take over the role.

Walter was appointed to the SEC by President Bush in 2008 and served as acting chair in January 2009. Before her appointment, she served as senior EVP of regulatory policy and programs for the ""Financial Industry Regulatory Authority"":http://www.finra.org/ (FINRA).

""I am also pleased to designate Elisse Walter as SEC Chairman after Mary's departure,"" 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.""