Obama Praises Schapiro, Announces New SEC Chair

President Obama on Monday praised the service of Mary Schapiro, the Chairman of the Securities and Exchange Commission, who plans to leave the agency next month, the New York Times reported.

“I want to express my deep gratitude to Mary Schapiro for her steadfast leadership at the Securities and Exchange Commission,” Obama said in a statement. “When Mary agreed to serve nearly four years ago, she was fully aware of the difficulties facing the SEC and our economy as a whole. But she accepted the challenge, and today, the SEC is stronger and our financial system is safer and better able to serve the American people – thanks in large part to Mary’s hard work.”

Obama also announced that he intends to designate a current SEC Commissioner, Elisse Walter, as Schapiro’s replacement.

“I’m confident that Elisse’s years of experience will serve her well in her new position, and I’m grateful she has agreed to help lead the agency,” Obama said.