Mary Schapiro to Be Replaced By Elisse Walter as Head of SEC
President Obama has chosen Elise Walter to temporarily head the Securities and Exchange Commission (SEC) when Mary Schapiro steps down next month. With Mary Schapiro leaving and Walter, a current commissioner stepping up, the SEC will be run by only one acting chairman and two other commissioners. This means that the already delayed rule making for both the Dodd-Frank Wall Street Reform Act and the Jumpstart our Business Startups Act (JOBS) are likely to be further delayed.
The already taxed SEC will be headed by a small and temporary team. Accordingly, it is the popular belief among experts that rule making will continue at a snail’s pace and that no major reform or policy changes should be expected.
Ms. Walter was originally appointed to the SEC by President George W. Bush in 2008 and has worked alongside Mary Schapiro both at the SEC and FINRA prior to both joining the SEC. Moreover, Walter served as acting chairman after the departure
