On November 26, Mary Schapiro, the current chair of the U.S. Securities and Exchange Commission (SEC), announced that will she retire before the end of the year.
The move was widely anticipated, and is only one of the many high-level personnel changes that are expected to be announced by the Obama Administration as it gears up for a second term in office. We recently discussed a number of other staffing adjustments and regulatory developments that are believed to be forthcoming.
Schapiro was first nominated to head the SEC in 1988 by President Reagan. She served until 1994, when President Clinton appointed her as chair of the Commodity Futures Trading Commission. She returned to the SEC at the beginning of President Obama’s first term in 2009 and is currently the only person to have ever chaired both organizations.
In a statement announcing her retirement and reflecting on her tenure, Schapiro praised her colleagues and the actions taken by the commission in the wake of the financial crisis.
“It has been an incredibly rewarding experience to work with so many dedicated SEC staff who strive everyday to protect investors and ensure our markets operate with integrity,” said Schapiro. “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.”
Her departure comes at a critical time for the SEC. The regulatory body is currently struggling to adapt to long-term structural changes in U.S. financial markets, including the rise of high-speed computerized trading. As we’ve discussed, this particular trend is challenging the SEC’s ability to monitor and respond to events as they develop.
U.S. businesses are also under pressure due to changes in the economy. Companies are being forced to cut costs while remaining competitive, which can cause considerable stress. The experts at a financial project consulting service can help.