STOCK MARKET WATCH -- Monday, 26 November 2012

[DemReadingDU]

51. Mary Schapiro Will Step Down as SEC Chairman Effective Dec. 14

11/26/12 Mary Schapiro Will Step Down as SEC Chairman Effective Dec. 14

U.S. Securities and Exchange Commission Chairman Mary Schapiro, who took the agency’s helm in 2009 as it reeled from public rebukes for failing to rein in Wall Street practices that exacerbated losses from the housing market collapse, is leaving the agency. Schapiro, 57, will depart the SEC on Dec. 14, the agency said in a statement today.

“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 in the agency’s statement. “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.”

Schapiro’s departure comes as the agency continues to navigate through a flood of new mandates generated by the 2010 Dodd-Frank Act and a wave of enforcement matters related to the financial market turmoil of 2008.

The former chairman and chief executive officer of the Financial Industry Regulatory Authority and chairman of the Commodity Futures Trading Commission was appointed by President Barack Obama to run the SEC in January of 2009. Schapiro, a political independent, replaced Christopher Cox, a Republican who had held the office since 2005, becoming the first woman to lead the commission on a permanent basis.

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http://www.bloomberg.com/news/2012-11-26/mary-schapiro-will-step-down-as-sec-chairman-effective-dec-14.html