President-elect Barack Obama has selected Mary L. Schapiro to be chairwoman of the Securities and Exchange Commission. Schapiro, 53, is a former commissioner of the SEC.
While her appointment is not a cabinet-level position, she faces confirmation by the Senate, many of those who have been critical of how the SEC performed as the financial crisis ensued.
Schapiro previously served as chairwoman of the Commodities Futures Trading Commission during the Clinton Administration, according to The New York Times. Obama is considering combining two regulators, a structure long supported by many experts to streamline market oversight.
As the Financial Industry Regulatory Authority, Schapiro leads the largest non-governmental regulator for all securities firms doing business with the U.S. public.