Shakeup in SEC Leadership May Impact SEC Rulemaking
At the end of last year, Mary Shapiro announced that, after four years of leading the SEC, she will be stepping down as chairman. President Obama designated Elisse Walter, a current SEC commissioner, as chairman and she will serve in that position until a long-term successor is found. This change in SEC chair is unlikely to create any significant changes at the top, as Ms. Walter is regarded as a close ally of Ms. Shapiro.
One interesting issue with this leadership change, however, is the potential impact on pending SEC rulemaking initiatives. Ms. Walters, a Democrat, was one of five commissioners, and her departure will leave a 2-2 party-line split among the commissioners until President Obama nominates a successor who is confirmed by the Republican-controlled Senate.