Obama to Tap Schapiro to Head SEC: Reports

December 17, 2008 (PLANSPONSOR.com) - President-elect Barack Obama has reportedly chosen Mary Schapiro, CEO of the Financial Industry Regulatory Authority (FINRA), to chair the Securities and Exchange Commission.

The Wall Street Journal said the announcement is expected to be made in Chicago tomorrow, citing two Democratic officials.

Schapiro, 53, was appointed a Commissioner of the Securities and Exchange Commission in 1988 by President Reagan, reappointed by President Bush in 1989 and named Acting Chairman by President Clinton in 1993.  

Schapiro was named President of NASD Regulation in 1996, and was named Vice Chairman in 2002. In 2006, she was named NASD’s Chairman and CEO (see  NASD Vice Chairman to Become Chairman in December ). The following year, she led the organization’s consolidation with NYSE Member Regulation to form FINRA.   Before that she was Chairman of the federal Commodity Futures Trading Commission, a post she was appointed to by President Clinton in 1994.