US Securities and Exchange Commission chief Mary Schapiro announced Monday that she will step down, nearly four years after taking charge of the key markets regulator in the middle of the financial crisis. Schapiro will depart as SEC chairman on December 14 credited with expanding the SEC's reach into derivatives and hedge funds while helping Wall Street recover both in strength and confidence.
Her record also includes a key role in expanding and deepening regulation, mainly through the Dodd-Frank legislation that has riled her charges in the financial industry. President Barack Obama quickly named current SEC commissioner Elisse Walter to succeed Schapiro.
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