UPDATE: SEC Chair Mary Schapiro to Step Down in December

November 26, 2012 10:41 AM EST
(Updated - November 26, 2012 11:27 AM EST)

U.S. Securities and Exchange Commission (SEC) chairman Mary Schapiro is expected to step down from the role within a month, the New York Times reports Monday.

According to the NY Times, Schapiro will depart on December 14th following speculation she might make the move soon after the election. Both the White House and Treasury Department were informed of the move by the SEC, becoming the first major appointment to leave the Obama administration.

Schapiro took the role on just as the fallout from the financial meltdown began to take hold in early 2009. She previously ran the Commodity Futures Trading Commission (CFTC) and the Financial Industry Regulatory Authority (FINRA).

Much criticism has surrounded lax oversight by the financial regulatory body, specifically tied to Lehman Brothers and notorious Ponzi schemer Bernie Madoff.

Serving as chair on an interim basis is expected to be commissioner Elisse Walter, while no clear successor is lined-up yet.

UPDATE - Headlines at 11:27am EST have President Obama moving to designate Elisse Walters as the next SEC chairman.

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