President Obama praised Mary Schapiro, chairwoman of the Securities and Exchange Commission, after she announced Monday she will be stepping down. Schapiro is credited with overhauling the agency following the financial crisis.
"When Mary agreed to serve nearly four years ago, she was fully aware of the difficulties facing the SEC and our economy as a whole,'' he said in a statement. "But she accepted the challenge, and today, the SEC is stronger and our financial system is safer and better able to serve the American people – thanks in large part to Mary's hard work."
Obama announced that he will name Elisse Walter, a current commissioner, as chairwoman after Schapiro’s departure next month. He does not need congressional approval.
"I'm confident that Elisse's years of experience will serve her well in her new position, and I'm grateful she has agreed to help lead the agency,'' he said.