Obama Picks Schapiro for SEC Post

Submitted by Cara Patterson on Thu, 12/18/2008 - 17:33

President-elect Barack Obama on Thursday will announce that he has selected Mary L. Schapiro to be the chairwoman of the Securities and Exchange Commission (SEC), according to Democrats familiar with the decision, elevating Schapiro from her current position as the head of the Financial Industry Regulatory Authority, the New York Times reported.

The selection of Schapiro, who would be the first woman to chair the SEC on more than an interim basis, follows a series of high-profile controversies that have raised doubts about its competence as the chief enforcer of Wall Street under the leadership of its current chairman, Christopher Cox, the Washington Post reported. The SEC's failure to detect Bernard L. Madoff's alleged $50 billion Ponzi scheme before it was revealed last week has prompted even Cox himself to question the agency's performance.

Although her appointment is not a cabinet-level position, she faces confirmation by the Senate, according to the Times. Some senators have been critical of how the SEC performed in overseeing the faltering investment banks this year.

 

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