Mary Schapiro
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Mary Schapiro
| Mary Schapiro | |
|---|---|
 |
|
| Chairman of the Securities and Exchange Commission | |
| Incumbent | |
| Assumed office January 22, 2009 |
|
| President | Barack Obama |
| Preceded by | Christopher Cox |
| In office May 7, 1993 – July 27, 1993 Acting |
|
| President | Bill Clinton |
| Preceded by | Richard Breeden |
| Succeeded by | Arthur Levitt |
| Chairman of the Commodity Futures Trading Commission | |
| In office October 13, 1994 – January 26, 1996 |
|
| President | Bill Clinton |
| Preceded by | Barbara Holum (Acting) |
| Succeeded by | John Tull (Acting) |
| Personal details | |
| Born | June 19, 1955 New York City, New York, U.S. |
| Political party | Democratic Party |
| Alma mater | Franklin and Marshall College George Washington University |
Mary L. Schapiro (born June 19, 1955) is the 29th Chairman of the U.S. Securities and Exchange Commission (SEC). She was appointed by President Barack Obama, and assumed the Chairmanship on January 27, 2009. She is the first woman to be the permanent Chairman of the SEC.[1] In 2009, Forbes ranked her the 56th most powerful woman in the world.[2]
Schapiro served in various roles as a financial services regulator in the administrations of Ronald Reagan, George H. W. Bush, and Bill Clinton. From 2006 to early 2009, she was the Chairman and CEO of the Financial Industry Regulatory Authority (FINRA), the securities industry's self-regulatory organization for broker-dealers and exchanges in the United States.[3]
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Early life and education
Schapiro was born in New York City to a Jewish family.[4] She graduated from Franklin & Marshall College in 1977. In 1980 she earned a Juris Doctor (J.D.) degree from George Washington University Law School.[3]
Career prior to the SEC
Schapiro was appointed in 1988 by President Ronald Reagan to fill one of two Democratic seats on the SEC. President George H. W. Bush reappointed her to this position in 1989. President Bill Clinton appointed Schapiro acting Chairman of the SEC, and then appointed her Chairman of the Commodity Futures Trading Commission in 1994.
In 1996 Schapiro joined the National Association of Securities Dealers (NASD) (now the Financial Industry Regulatory Authority) as the president of NASD Regulation. In 2002 she became the Vice Chairman of the NASD.
In 2005 Schapiro oversaw a wide-reaching probe into gift-giving and entertaining on Wall Street, uncovering several instances of lavish and excessive activities, which led to many charges.[5]
In 2006 she became NASD's Chairman and CEO. In that position, she oversaw NASD's consolidation with NYSE Member Regulation to form the Financial Industry Regulatory Authority.[6]
In January 2008, President George W. Bush appointed Schapiro to the 19-member council of the President's Advisory Council on Financial Literacy. In 2008, Schapiro was named to Investment Advisor magazine's IA 25, the list of the 25 most influential people in and around the investment advisory business.[7]
In 2008, her last year at FINRA, Schapiro earned a regular compensation package of $3.3 million; on departure from FINRA, she received additional lump sum retirement benefit payments that brought her total package in 2008 to just under $9 million.[8]
SEC Chairman
In January 2009 the U.S. Senate unanimously confirmed Schapiro's appointment by President Barack Obama to be the SEC's first female permanent Chairman.[9]
While being confirmed Schapiro reversed her long-held stance that financial markets were burdened by too much regulation. As SEC Chairman she would not continue her earlier efforts to deregulate the industry. Schapiro also partially blamed the financial crises of 2008 on deregulation, telling senators that the regulatory system had "not kept pace with the markets and the needs of investors". As the SEC's head, she said, she would press for tighter regulation of financial instruments, including derivatives.[10]
An early setback for Schapiro as SEC chairman occurred in September of 2009 when U.S. District Judge Jed Rakoff rejected the SEC's proposed $33 million settlement with Bank of America. BoA had been charged with failure to disclose bonuses paid to Merrill Lynch executive before the two companies merged. Under the settlement's terms BoA was allowed to deny any wrongdoing, which they did when pressed by Rakoff on the matter of guilt.[11] Rakoff said the settlement did not "comport with the most elementary notions of justice and morality".[12] Seven months later, Rakoff approved a $150 million settlement of the BoA case; BoA did not have to change its declaration of innocence.[13]
References
- ^ "Obama taps veteran regulator to head under-fire SEC", Agence France Presse, December 18, 2008, accessed February 6, 2009.
- ^ "The 100 Most Powerful Women". Forbes.com. August 19, 2009. http://www.forbes.com/lists/2009/11/power-women-09_The-100-Most-Powerful-Women_Rank_3.html.
- ^ a b Biography: Chairman Mary L. Schapiro, Securities and Exchange Commission
- ^ Steve Linde (October 11, 2010). "Jewish women fare well on 'Forbes' list". The Jerusalem Post. http://www.jpost.com/JewishWorld/JewishNews/Article.aspx?id=190929.
- ^ Lavan, Rosie (December 18, 2008). "SECs New Chairman: Who is Mary Schapiro". The Times (London). http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article5364844.ece.
- ^ Biography of Schapiro, FINRA
- ^ James J. Green (May 1, 2008). "Watch List: Mark Tibergien, the consultant and now executive who taught advisors to think of their practices as businesses, leads the IA 25 for 2008". Investment Advisor. http://www.advisorone.com/2008/05/01/watch-list. Retrieved 2012-03-07.
- ^ Courtney Comstock (October 11, 2010). "WHOA: FINRA Paid Mary Schapiro $9 Million In 2008". BusinessInsider. http://www.businessinsider.com/whoa-finra-paid-mary-schapiro-9-million-in-2008-2010-10.
- ^ "SEC Biography: Chairman Mary L. Schapiro". Securities and Exchange Commission Web site. Securities and Exchange Commission. http://www.sec.gov/about/commissioner/schapiro.htm. Retrieved 5 March 2012.
- ^ Labaton, Stephen (January 16, 2009). "S.E.C. Nominee Offers Plan for Tighter Regulation". The New York Times. http://www.nytimes.com/2009/01/16/business/economy/16sec.html.
- ^ Marcy Gordon. "BofA settlement ruling a setback for SEC". Associated Press. http://www.heraldsun.com/view/full_story/3605319/article-BofA-settlement-ruling-a-setback-for-SEC. Retrieved 2012-03-10.
- ^ Scannell, Kara; Rappaport, Liz; Bravin, Jess (September 15, 2009). "Judge Tosses Out Bonus Deal". The Wall Street Journal. http://online.wsj.com/article/SB125294493976909051.html.
- ^ Louise Story (February 23, 2010). "Judge Accepts S.E.C.’s Deal With Bank of America". New York Times. http://www.nytimes.com/2010/02/23/business/23bank.html. Retrieved 2012-03-10.
External links
- Mary L. Schapiro profile from the Financial Industry Regulatory Authority
- Mary L. Schapiro profile from Forbes
| Political offices | ||
|---|---|---|
| Preceded by Richard Breeden |
Chairman of the Securities and Exchange Commission Acting 1993 |
Succeeded by Arthur Levitt |
| Preceded by Barbara Holum Acting |
Chairman of the Commodity Futures Trading Commission 1994–1996 |
Succeeded by John Tull Acting |
| Preceded by Christopher Cox |
Chairman of the Securities and Exchange Commission 2009–present |
Incumbent |
|
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