Following up on last week’s announcement by the Securities and Exchange Commission that Commissioner Mary Schapiro will be resigning on December 14th, here’s a round-up of some of the more recent coverage:
On her legacy …
Harvey Pitt: Shaping Up a Divided SEC (WSJ)
When Ms. Schapiro took charge in January 2009, the SEC was in disarray …
That deplorable state of affairs changed with Ms. Schapiro’s ascendancy. She replaced senior SEC staff, instilled agency employees with renewed enthusiasm and respect for the agency’s mission, reorganized and streamlined decades-old bureaucratic and administrative structures, and fostered a new (and deeper) sense of professionalism at every level.
But, as Ms. Schapiro departs the agency she ably led, happy days most assuredly are not here again. The many problems the SEC must deal with are fraught with complexity and irrationality. Danger lurks around every corner …
The SEC, from lapdog to watchdog (WaPo Opinion)
There’s a total sea change at the agency … They are aggressive. There’s no more free passes on Wall Street. They eagerly seek out big cases. … They used to be industry’s lapdog and now they’re actually an investor’s watchdog.
A mixed record - Mary Schapiro leaves the SEC (The Economist)
The unsurprising resignation of Mary Schapiro, head of the Securities and Exchange Commission (SEC), announced on November 26th, was followed by an unsurprising flurry of statements dripping with faint praise. True, the financial markets did not collapse during her tenure, and she was more engaged than her disastrous predecessor, Christopher Cox. But those are very low bars.
… ongoing rulemaking initiatives …
New SEC head faces fights on several fronts, legal straitjacket (Reuters)
The agency also has a long way to go to complete the 95 rule makings required under Dodd-Frank.
Emails suggest SEC’s Schapiro delayed JOBS Act rule amid concerns about legacy (Reuters)
Outgoing U.S. Securities and Exchange Commission Chairman Mary Schapiro delayed immediately implementing a rule to lift a ban on broader-based advertising for private placements in part because she feared it would tarnish her legacy as a pro-investor leader of the agency, internal SEC emails obtained by a U.S. House of Representatives oversight panel show
SEC head dragged her feet on new rule at urging of lobbyist, GOP congressman says (WaPo)
Republican Rep. Patrick T. McHenry accused the outgoing chairman of the Securities and Exchange Commission of dragging her feet on a regulation to “appease” special-interest groups that opposed it and to “protect” her legacy.
Senators to SEC: It’s time to open private placements to public (Investment News)
In a letter to Chairman Schapiro Republican senators call on the Commission to lift the ban on general solicitation and general advertising by the year’s end.
… and the search for a successor …
As Miller Drops Out, Race for S.E.C. Chief Shifts (DealBook)
Mary Miller, a senior Treasury Department official, removed her name from consideration in recent days, according to several people briefed on the matter who were not authorized to discuss the process. While some Washington insiders considered Ms. Miller a top choice, several people close to her said she was “not interested” in the job.
With Ms. Miller withdrawing, Sallie L. Krawcheck, a long-time Wall Street executive, has emerged as a potential front-runner.
Sallie Krawcheck should not run the SEC (MuniLand)
Running the SEC, a complex, challenging job, requires the highest ethics to coordinate these many roles in financial regulation.
Krawcheck, while chief financial officer of the giant bank Citi, was at the heart of the largest scandal of the financial crisis. Her performance suggests that she does not have the skills or the temperament to run our nation’s primary financial regulator.
Insight: Krawcheck, possible SEC head, raises Washington image (Reuters)
To some, talk of Krawcheck as a candidate came as a surprise given her background as a former executive at banks that needed to be rescued by the government and her lack of Washington experience.
Yay or Nay: An SEC and CFTC Merger?
On Thursday outgoing Congressman Barney Frank and Congressman Mike Capuano introduced Markets and Trading Reorganization Act into the house, legislation which would merge the Securities and Exchange Commission and the Commodity Futures Trading Commission.