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Obama to name veteran regulator as Wall Street watchdog

Latest update : 2008-12-18

Democratic Party sources say President-elect Barack Obama will nominate Mary Schapiro to head the Securities and Exchange Commission, the body that regulates Wall Street, amid calls from many quarters for greater regulation.

AFP - President-elect Barack Obama will on Thursday appoint Mary Schapiro, a veteran financial regulator, as chief of the Securities and Exchange Commission, a Democratic insider said Wednesday.
   
Schapiro, who was appointed by former Republican president Ronald Reagan as commissioner for the SEC and served for six years, currently heads the Financial Industry Regulatory Authority, a non-governmental self-regulating agency for Wall Street.
   
Her selection was confirmed by a senior Democrat close to the process who spoke on condition of anonymity because her nomination has not yet been announced.
   
Obama is expected to announce the choice at a news conference in Chicago on Thursday, according to the Wall Street Journal and other media.
   
If confirmed by the Senate, Schapiro would be the first woman to become permanent chair of the SEC.
   
Her selection is another example of Obama opting for experienced hands who worked in the administration of former US president Bill Clinton.
   
Schapiro served in the mid-1990s as chairman of the Commodity Futures Trading Commission, the agency that oversees market trading of oil, corn and other commodities.
   
In taking the helm of the SEC, Schapiro would oversee the agency presently facing stiff criticism for failing to detect trouble on Wall Street that helped lead to a global economic meltdown, and the alleged 50-billion-dollar fraud by investment baron Bernard Madoff.
 

Date created : 2008-12-18

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