Obama Names Veteran Regulator To Head SEC

Dec 18 2008 | 2:57am ET

President-elect Barack Obama is expected to name veteran regulator Mary Schapiro as his nominee to head the Securities and Exchange Commission.

Schapiro served as an SEC commissioner from 1988 until 1994, and was acting chairman of the agency in 1993. She is currently CEO of the Financial Industry Regulatory Authority, and also served as chairman of the Commodity Futures Trading Commission from 1994 until 1996.

While heading the NASD, Schapiro sought to ensure that her members were offering adequate disclosures when selling hedge funds.

“Brokerage firms must fulfill their investor protection obligations when selling hedge funds, including suitability and disclosure,” Schapiro wrote in a notice to NASD members in 2003, according to the NakedShorts blog. “Although we are not charged with regulating hedge funds, we will scrutinize carefully the activities of broker-dealers when they sell those products; those actions directly affect the investing public.”

The SEC, and current Chairman Christopher Cox, is under fire, most recently for its failure to detect the alleged $50 billion Ponzi scheme perpetrated by Bernard Madoff.

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