December 18th, 2008
11:07 AM ET
13 years ago

Obama taps financial regulators

[cnn-photo-caption image= caption="President-elect Barack Obama announced his pick to head the SEC Thursday."]
CHICAGO, Illinois (CNN) - President-elect Barack Obama on Thursday announced Mary Schapiro as his nominee to chair the Securities and Exchange Commission. Obama names financial watchdogs

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

Obama also announced two more nominees for financial regulator positions.

Gary Gensler is Obama's nominee for the U.S. Commodity Futures Trading Commission, and Dan Tarullo has been tapped to fill one of the vacancies on the board of the Federal Reserve.

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Filed under: Obama transition
soundoff (45 Responses)
  1. NY republican

    Peter and Matt – what is it called when the Democrats chastize one of their own for free-thinking (Liberman)? Is that left-wing whining?

    December 18, 2008 01:35 pm at 1:35 pm |
  2. NY republican

    Pete and Matt – How about this for right-wing whining? Someone that last did the job in the 90's, fits right in with the rest of "Team for Change".

    December 18, 2008 01:38 pm at 1:38 pm |
  3. Larry

    No matter how bad Obama wants to Regulate private business and industry,we the people Must stop him,if this country is going to do more than survive this crisis,we got to get back to PURE capitalism as soon as possible ,that is what has made us great,and the ONLY thing that we can do to continue being great.Socialistic policies will just SLOW down our recovery,it was socialistic policies that got us into this mess in the first place.

    December 18, 2008 01:38 pm at 1:38 pm |
  4. for now...!

    All politicians in Waghington bear the blame for the financial

    melt-down,,,the bunch of do nothings that includes Obama and

    now they want to fix what they broke in the first place...Sure Obama

    the miracle-maker wiil heal all....ha ha ha

    December 18, 2008 01:44 pm at 1:44 pm |
  5. Noah

    Matt and Peter- Actually the majority of whining has come from liberals like yourselves who are upset that Obama has not chosen more radical left-wingers for his cabinet. You probably prefer Reverend Wright to bless Obama at his inauguration over Rick Warren.

    December 18, 2008 01:52 pm at 1:52 pm |
  6. Sherrol in Canada

    Regulation is thekey, deregulation is the main cause of this financial and economic mess.

    December 18, 2008 01:58 pm at 1:58 pm |
  7. sg

    What do they say about foxes guarding the hen house? Just need to get Rubin back in the picture and let him finish us off! He's done such a great job with Citigroup.

    December 18, 2008 01:59 pm at 1:59 pm |
  8. Lola

    Matt, you are right on the money! lol

    December 18, 2008 02:00 pm at 2:00 pm |

    Please folks read some history. Find out why anti-trust laws came into existence. What was going on at the time? Why do unions exist? Why did they come about. We need checks and balances so the fat greedy cats (which are few) won't eat the little cats and have total disregards for others. Some worship the dollar, use it for power, to dominate, control, steal, deceive, start wars, line their pockets even more. I do not believe money should be taken from any one and given to those less fortunate but just pay a decent wage, stop shipping jobs abroad, stop privatizing jobs here that cost the govenmt more than when government employees did the work (collection of back taxes). We spend more money on healthcare than other countries, yet we have more health problems. How much money do the fat cats need? We need a group of intelligent, knowledgeable, diverse people to be objective and regulate keeping in mind what is good and fair for all Americans not just the rich. Take a thorough look at the recent bail outs. Who benefitted the most? How much money does one need? Some have so much they couldn"t spend it in lifetime. Hats off to Bill & Melinda Gates and other Humanitarians who want to make the world a better place with deeds, not only words. GOD BLESS THEM WITH GOOD HEALTH ALWAYS. GOD BLESS OUR NEW PRESIDENT AND HIS FAMILY. GOD BLESS AMERICA....

    December 18, 2008 02:04 pm at 2:04 pm |
  10. Andy

    Matt, Peter. No irratinonal whining here, well except, man he certainly did not pick on looks.

    December 18, 2008 02:05 pm at 2:05 pm |
  11. Roger

    ummm....wait this lady has been a banking regulator while this whole banking industry mess has occurred and he is promoting her?????

    I don't get of you enlightened ones please explain.

    December 18, 2008 02:06 pm at 2:06 pm |
  12. gregg

    dang. now taxes on soda wow america,,, wake up,,,,,,,,,,,,,,,is it amazing during the bubonic plage,, people lived,,,,,, its your life ... choose .. i drink like a fish.. i know i will die,,,,,, its my choice,,, i smoke also.. and no ,, i will not go to a hospital , to lay there and die like an animal... i choose , because i can at this time,,, life is yours ,, treat it as your last,,, no one tells me , i cant

    December 18, 2008 02:15 pm at 2:15 pm |
  13. Don't Trust Her

    I don't trust her. She comes from the Clinton Administration, which was just as "Republican" as the Bush Administration, in terms of being a patsy for securities fraud. Both of the last two administrations were deplorable. The records of both show the financial industry should be regulated much more heavily.

    The best indicator of whether Mary Schapiro will be a patsty for Wall Street will be whether she tolerates whiny demands to scale back Sarbanes-Oxley reporting requirements. If she says "Shut up and obey the law" . . . my trust for her might grow.

    December 18, 2008 02:34 pm at 2:34 pm |
  14. Get over it

    To Sherrol in Canada

    Proper regulation is the key, but in this case you have had the Fox ( democratic crooks in Washington) guarding the henhouse. Think about it, Franklin Rains ( a democrat ) made 90 million in 6 years. And he is just the tip of the ice berg.

    December 18, 2008 02:47 pm at 2:47 pm |
  15. Pretorian

    Shapiro who?

    Oh well–if she even walks outside to check the weather she will have done more to protect the interests fo the U.S. than the previous SEC Chair.

    December 18, 2008 02:48 pm at 2:48 pm |
  16. mike

    US politicians just like wall street crook nothing different ,stand up talk to ur eyes ball and LIE !

    December 18, 2008 02:57 pm at 2:57 pm |
  17. Independent In NY

    GO GET 'EM MARY!!!!!!!!!!!!!!!!!

    December 18, 2008 03:23 pm at 3:23 pm |
  18. Anonymous

    Well said, Thinker.... 🙂

    December 18, 2008 03:54 pm at 3:54 pm |
  19. Texas Teacher

    Bravo, Thinker...
    Well said.... 🙂

    December 18, 2008 03:55 pm at 3:55 pm |
  20. CanIcallyouJoe

    Ok, I can't stand this anymore.

    Nothing Obama does will provide stability to the economy.

    The Economy is based upon monetary value which is regulated by the Federal Reserve – which is not a government organization, but a Privatized Corporation – and backs that money with absolutely nothing.. They make money out of thin air and control it's value. Now, Congress is supposed to have oversight over this process, but they only really bring it to attention when something goes bad – kind of like now. Most of the time, Congress ignores it's responsibility for oversight and we have to pay the consequences, not them.

    We have no control anymore.

    December 18, 2008 04:02 pm at 4:02 pm |
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