- Mexican train carrying 1,300 migrants headed toward U.S. derails
- Secret Service begins regular K-9 patrols around White House
- Pentagon’s human memory-chip program moves forward
- Obama blasts GOP, ignores immigration crisis in Texas speech
- Marine Warfighting Lab tests the Godzilla of amphibious assault vehicles
- Harry Reid: Birth-control ruling the worst Supreme Court decision in 25 years
- Vet suicides ‘horrible human cost’ of VA dysfunction: lawmaker
- First marijuana customer in Spokane says he was fired
- Hagel: ‘Make no mistake,’ ISIL is an ‘imminent’ threat to U.S.
- Armed militia sets up Texas command center to ‘fight for national sovereignty’
Schapiro leaving SEC; Obama picks replacement
Question of the Day
The leadership of the Securities and Exchange Commission will change next month. Its approach to regulation probably won't.
Mary L. Schapiro announced Monday she was stepping down as chairwoman after a tumultuous tenure in which she helped lead the government's regulatory response to the 2008 global financial crisis.
President Obama's choice to replace her, also announced Monday, is Elisse B. Walter, one of five SEC commissioners, whose career path has tracked Ms. Schapiro's for nearly three decades.
Ms. Walter has served under Ms. Schapiro at both the SEC and the Financial Industry Regulatory Authority (FINRA), the securities industry's self-policing organization. Both women worked at the SEC in the 1980s. Ms. Walter was also general counsel of the Commodity Futures Trading Commission when Ms. Schapiro led that agency in the mid-1990s.
Ms. Walter will take over at a critical time for the SEC, which is seeking stricter rules for money-market mutual funds and must get into shape the so-called "Volcker Rule," which would bar banks from making certain trades for their own profit. The agency is also pursuing enforcement actions against banks over their sales of risky mortgage securities before the housing bust.
Mr. Obama can fill the SEC chairman's job without Senate approval because Ms. Walter has already been confirmed through 2013.
The president will need to nominate a permanent successor before Ms. Walter's term ends in December 2013.
Ms. Schapiro's challenges have probably been the most difficult any SEC chairman has faced, John Coffee, a professor of securities law at Columbia University, said. She took office after the financial crisis and the Bernard Madoff Ponzi scheme had eroded public and congressional confidence in the SEC. Since then, the agency has struggled with budgetary shortfalls.
In a statement Monday, Mr. Obama said the watchdog agency "is stronger and our financial system is safer and better able to serve the American people -- thanks in large part to Mary's hard work."
But critics argued that Ms. Schapiro, 57, failed to act aggressively to charge leading bankers who may have contributed to the crisis. And consumer advocates questioned her appointment because she had led FINRA.
TWT Video Picks
By David Keene
Most Americans get their kicks from their own game
- Armed militia sets up Texas command center to 'fight for national sovereignty'
- HUSAIN: The fake caliph of 'The Islamic State'
- IRS employee suspended for pro-Obama activities
- HUSAR: Mexicos Pena Nieto passes the immigration bucket
- GOP: Lerner warned IRS employees to hide information from Congress
- Va. Democrat reportedly seeks nude shots of Kendall Jones
- Tiger Woods' swing changes have hurt his game, Paul Azinger says
- ISTOOK: Flying illegals home would be 99.5 percent cheaper than Obamas plan
- Amid border crisis, Obama to take 15-day vacation in Martha's Vineyard
- GOP aims to sue Obama first over health care employer mandate
Obama's biggest White House 'fails'
Celebrities turned politicians
Athletes turned actors
20 gadgets that changed the world
Fighting in Iraq
World Cup's sexiest WAGs
U.S.-Ghana World Cup opener