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Mary L. Schapiro


Incumbent
Assumed office 
January 22, 2009
President Barack Obama
Preceded by Christopher Cox

Chairwoman of the Financial Industry Regulatory Authority (previously NASD)
In office
2006 – 2009

Born June 19, 1955 (1955-06-19) (age 54)
United States New York City, NY
Alma mater George Washington University Law School,
Franklin and Marshall College

Mary L. Schapiro (born 1955) is the 29th chairperson of the U.S. Securities and Exchange Commission (SEC). She was designated as the intended nominee by then-President-elect Barack Obama on December 18, 2008, and formally nominated upon Obama's inauguration into office on January 20, 2009.[1] She was confirmed by voice vote in the Senate on January 26, 2009.[2] She is the immediate past chairperson and CEO of the Financial Industry Regulatory Authority, the securities industry self-regulatory organization for broker-dealers and exchanges in the United States, and served in various roles as a financial services regulator in the administrations of Bill Clinton, George H. W. Bush, and Ronald Reagan.[3] She is the first woman to chair the SEC.[4]

Contents

Early life and education

Schapiro was born in New York City. She graduated from Franklin & Marshall College in 1977. In 1980 she earned a Juris Doctor (J.D.) degree from George Washington University Law School.[5]

Pre-SEC career

Schapiro was appointed in 1988 by President Ronald Reagan to fill one of two Democratic seats on the SEC. President George H. W. Bush reappointed her to this position in 1989. President Bill Clinton appointed Schapiro as acting chairperson of the SEC, and then appointed her chairperson of the Commodity Futures Trading Commission in 1994.

In July 1990, then-SEC Commissioner Schapiro was appointed chairman of the Task Force on Administrative Proceedings. The Task Force revised the entire Rules of Practice, and in March 1993 issued its final report, Fair and Efficient Administrative Proceedings. In November 1993, an SEC release solicited comment on the Task Force proposals, some of which were later adopted as SEC guidelines [6] on June 9, 1995.

In October 1993, Schapiro gave a speech in Lugano, Switzerland, "The Derivatives Revolution and the World Financial System," concerning potential regulation of the unregulated derivatives market in which she cited "the benefits to financial innovation that may result from a more flexible regulatory paradigm," and stated that she was "not convinced that consolidated regulatory supervision of securities firms and their affiliates is necessary or appropriate at this time."[7]

In 1996 Schapiro joined the National Association of Securities Dealers (NASD) (now the Financial Industry Regulatory Authority) as the president of NASD Regulation. She became the vice chairperson of the NASD in 2002, and in 2006 she became NASD's chairperson and CEO. As the CEO of NASD she oversaw its consolidation with NYSE Member Regulation to form the Financial Industry Regulatory Authority[8]. In 2005 she oversaw a wide-reaching probe into gift-giving and entertaining on Wall Street, uncovering several instances of lavish and excessive activities, that led to many charges.[9]

She was also a member of the boards of directors of Duke Energy and Kraft Foods.

In January 2008, President] George W. Bush appointed Schapiro to the 19-member council of the President's Advisory Council on Financial Literacy.

In 2008, Schapiro was named to Investment Advisor magazine's IA 25, the list of the 25 most influential people in and around the investment advisory business.

Career as SEC chair

In 2009, under the direction of Schapiro, the SEC attempted to settle a case with Bank of America regarding the disclosure of bonuses paid to Merrill Lynch executives just before their take over by Bank of America. U.S. District Judge Jed Rakoff threw out the proposed $33 million dollar settlement saying it "does not comport with the most elementary notions of justice and morality". [10] [11]

On June 17, 2009, Bernard Madoff, in an interview by the SEC inspector general David Kotz, said that Mary Schapiro was a "dear friend," although she "probably thinks, 'I wish I never knew this guy.' " [12]. This was later reported to be false by SEC Inspector General David Kotz, who said "there was no evidence that Mr. Madoff had a close friendship with Ms. Schapiro."[13]

As Chair, Schapiro has instituted rulemakings aimed at reforming the structure of the markets for securities trading, including particularly dark pool alternative trading systems, internalization, dark order types on exchanges, and ECNs.[14]

References

  1. ^ White House Press Release, Jan. 20, 2009, Sub-Cabinet Nominations, http://www.whitehouse.gov/the_press_office/Jan20-SUB-CABINETNOMINATIONS/
  2. ^ Congressional Record -- Senate January 26, 2009, http://frwebgate.access.gpo.gov/cgi-bin/getpage.cgi?dbname=2009_record&page=S850&position=all
  3. ^ SEC Biography: Chairman Mary L. Schapiro, http://sec.gov/about/commissioner/schapiro.htm
  4. ^ "Obama taps veteran regulator to head under-fire SEC", Agence France Presse, December 18, 2008, accessed February 6, 2009.
  5. ^ [1]
  6. ^ SEC guidelines
  7. ^ [http://www.sec.gov/news/speech/1993/101493schapiro.pdf
  8. ^ Biography of Schapiro FINRA
  9. ^ [2]
  10. ^ [3]
  11. ^ IA 25
  12. ^ [4]
  13. ^ [5]
  14. ^ Speech by SEC Chair Mary Schapiro, SIFMA Annual Conference, New York City, October 27, 2009, at http://www.sec.gov/news/speech/2009/spch102709mls.htm

External links

Government offices
Preceded by
Christopher Cox
29th Chairperson of the U.S. Securities and Exchange Commission
January 22, 2009 – Incumbent
Succeeded by
none
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