|  | | 2008 News and Press Releases | | |
HEADLINE NEWS:
Schapiro Pick Might Signal Merger Of SEC and CFTC, Coincidence? Schapiro Was An SEC Commissioner And Later, Chair Of The CFTC; 'Not A Lot Of Adult Supervision Out There'
Staff Writer
Reuters. December 18, 2008
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EXCERPT: President-elect Barack Obama named veteran regulator Mary Schapiro to head the Securities and Exchange Commission as he considers a major overhaul of the heavily criticized agency. Ms. Schapiro's appointment must be approved by the Senate once Mr. Obama assumes office. The SEC has come under fire after the Wall Street meltdown and financial scandals exposed lapses in its oversight. The criticism has intensified with the $50 billion investment fraud—one of the biggest in history—allegedly carried out over many years by Bernard Madoff. Ms. Schapiro is now chief executive of the Financial Industry Regulatory Authority, a self-regulatory body for the securities industry. She served as an SEC commissioner for six years, then became chairwoman of the Commodity Futures Trading Commission (CFTC) in 1994 during the Clinton administration. Ms. Schapiro, a lawyer, is a member of the board of directors of Duke Energy Corp and Kraft Foods Inc. If confirmed by the Senate, which is seen as likely, Ms. Schapiro would replace SEC Chairman Christopher Cox, a Republican appointed by President George W. Bush. Under one scenario backed by some lawmakers, the SEC would be merged with the CFTC, which oversees the markets for commodities such as oil, coffee and sugar. Given Ms. Schapiro's experience at both the SEC and CFTC, her appointment might signal Mr. Obama also favors a melding of the securities watchdog and commodoties regulator. The President-elect also today named former Treasury official Gary Gensler to head the Commodities Futures Trading Commission, which regulates the U.S. commodity futures and options market. |
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