December 17th, 2008
07:02 PM ET
14 years ago

Source: Schapiro Obama's pick to head the SEC

CHICAGO, Illinois (CNN) - Mary Schapiro will be President-elect Barack Obama's choice to head the Securities and Exchange Commission, two Democratic officials told CNN Wednesday.

Schapiro is CEO of the Financial Industry Regulatory Authority, the largest non-government regulator for all securities firms doing business with the U.S. public. She is a former SEC commissioner and served as chairman of the Commodity Futures Trading Commission in 1994 during the Clinton Administration.

Filed under: Obama transition
soundoff (15 Responses)
  1. Bob

    I don't really care what the anti-abortion (those who think it is ok tell other what THEY think is right) nor do I care what the gay's think.

    Good Job, Obama.

    Time to remove the religious zealots from politics as are fore fathers wished.

    December 17, 2008 07:17 pm at 7:17 pm |
  2. bill

    Ms. Schapiro could not be any worse than Christopher Cox and his band of hoods that have been at the reins of the SEC for the past number of years. We need new blood to stop the legal thievery that has been going on there for years with no one taking responsibility for what has happened and no one being punished for their actions.

    December 17, 2008 07:31 pm at 7:31 pm |
  3. drummajor66

    Obama better thank Bill Clinton everyday he's in office. If there had been no Clinton administration he would have nobody to hire.
    Change, I luv it.

    December 17, 2008 07:31 pm at 7:31 pm |
  4. j

    Why didn't we just elect Clinton? Where's the change? This looks like Washington politics as usual.

    December 17, 2008 07:38 pm at 7:38 pm |
  5. mel

    Since when was it "radical thinking" for someone to think that marriage should be between a man and a women? When Obama said he wanted to be a President to ALL the people he clearly meant ALL the people why does he have to be pigeoind holed into being a President to only the liberal people? Why don't those same people figure out why prop 8 failed in the most liberal state there is inspite of the millions of dollars spent promoting it? You do all of us a great diservice to demand my President think only the way you do

    December 17, 2008 07:46 pm at 7:46 pm |
  6. Grandma

    I thought those were American Values...

    December 17, 2008 07:47 pm at 7:47 pm |
  7. DC Observer

    Wrong choice when she was SEC COmmissioner, she got nothing done – she is a Wall Street insider

    December 17, 2008 07:52 pm at 7:52 pm |
  8. Suzi

    A highly qualified choice and important in the economic plan - especially considering the Wall Street meltdown.

    December 17, 2008 07:53 pm at 7:53 pm |
  9. An Obama Supporter

    The fact that Obama was a far left liberal was a Republican myth perpetuated throughout the campaign and encouraged by the press; however from his speech at the Democratic convention in 2004 and throughout the campaign his mantra was : not a blue America, not a red America but ONE America. Most of the American voters understand that and the two sides of the far side of the spectrum are just going to have to realize America doesn't move forward on anything when it caters to either side.

    Could someone at CNN inform Campbell Brown that PE Obama was instructed by the prosecutor NOT to take about the situation in Illinois and that though some of his detractors like to refer to himsm as "the Messiah, he is not responsible that Christmas is next week when he has the go ahead to release his report.

    December 17, 2008 08:08 pm at 8:08 pm |
  10. Breaking News

    Lou Dobbs was right,"two wings but the same old chicken".

    December 17, 2008 08:12 pm at 8:12 pm |
  11. Lolita

    I agree this was a great choice we need more God in our furture maybe then America can get better! GO OBAMA!

    December 17, 2008 08:24 pm at 8:24 pm |
  12. Flo

    I don't know too much about this lady but will research in the coming days but I'm sure she will have a tough job in the months ahead and wish all the luck in the world. Right now, anyone will be better then the current seat holder.

    December 17, 2008 08:52 pm at 8:52 pm |
  13. Jeff Spangler, Arlington, VA

    A Modest Proposal: appoint one of those "rapacious jackals" (as one judge has called them) from the plaintiffs shareholders bar to run the SEC. They know what fraud is and usually have a complaint on file months if not years before the SEC gets a whiff of anything wrong. My choice: Richard Greenfield.

    December 17, 2008 09:58 pm at 9:58 pm |
  14. bankrupted by career politicians

    Christopher Cox and his corrupted staff should resign or be fired immediately for the Madoff corruption/fraud scandal. Where is the accountability? Reminds me of "You're doing a great job, Brownie".

    December 17, 2008 10:27 pm at 10:27 pm |
  15. Ron in Florida

    The old Wall Street regime, in which products are pushed down to consumers (rather than the actors being trusted advisors to clients), needs to disappear. Ms. Shapiro is a product of that regime. She had advocated the interests of broker-dealer firms over the interests of consumers time and time again while at FINRA. She has been at the head as her member firms caused the worst global financial crisis since the Great Depression. Her organization, FINRA, the predecessor of which was NASD, was Chaired by Mr. Madoff, and NASD / FINRA failed to detect his $50 billion fraud – despite the Ponzi scheme being in existence for many, many years. Ms. Shapiro has advocated against the application of fiduciary duties to those in positions of trust and confidence. While I respect so many of Mr. Obama's choices, this one is befuddling. Ms. Shapiro has great political skills, but that does not make her the pro-consumer advocate this country needs to clean up a broken, harm-causing securities industry. One can only hope that President-Elect Obama will reconsider this choice, and delay any announcement, so his staff can more fully investigate the pro-Wall Street, anti-Main Street agenda Ms. Shapiro has so often advanced in rule-making initiatives, all the while talking like a "reformer." The staff should review every speech she has given, and every comment letter she has penned, and every ounce of testimony she has provided ... if they do, they will find a lot to cast doubt on this potential nomination.

    December 17, 2008 11:26 pm at 11:26 pm |