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Securities & Derivative Litigation

Shakeup in SEC Leadership May Impact SEC Rulemaking

By John A. Goldmark
January 2014
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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. 

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