SEC Chairman Schapiro to Step Down

Obama names SEC Commissioner Elisse Walter to replace Schapiro as chairman.

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 abuses, is leaving the agency next month.

Schapiro, 57, will be replaced as chairman when she steps down on Dec. 14 by Commissioner Elisse Walter, former senior executive vice president at the Financial Industry Regulatory Authority, President Barack Obama said in a statement.

Enforcement Overhaul

Schapiro later tapped Robert Khuzami, a former federal prosecutor, to reinvigorate the agency’s enforcement division, setting in motion the biggest overhaul in that unit’s history. The enforcement division, which has since filed dozens of cases related to the financial crisis, has also faced criticism from lawmakers, judges and investors that it has gone easy on top executives.

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