Mary Schapiro Named Head of SEC by President-elect Barack Obama

Mary Schapiro has been named head of the Securities and Exchange Commission by President-elect Barack Obama.

If Schapiro’s nomination is confirmed by Senate she will have the difficult task of restoring the faith of investors who have seen numerous scandals and financial uncertainty dominate the markets. Obama had appeared convinced that Schapiro was just the person for the position saying she would “crack down on the culture of greed and scheming that has led us to this day of reckoning.”

Schapiro is a former SEC commissioner, first appointed by President Ronald Reagan in 1988 and then reappointed by President George Bush the following year. She served as acting chairman of the Securities and Exchange Commission under President Bill Clinton before becoming chairman of the Commodity Futures Trading Commission in 1994.

Obama expressed confidence that Schapiro would “protect investors, consumers and our entire economy from fraud and manipulation by an irresponsible few.”

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