Wed, Nov 28, 2012 - Page 15 News List

Schapiro to step down at SEC next month

Reuters, WASHINGTON

Schapiro’s time at the SEC was marked by some controversy and her departure leaves uncertainty around major initiatives. However, former SEC officials said Schapiro helped revive a moribund agency.

“I think she saved the SEC, which was close to extinction when she took over,” former SEC chairman Arthur Levitt said.

Schapiro said in the interview that steering the agency out of that period in its history was one of the highlights of her tenure there.

She streamlined the SEC enforcement process, hired new types of employees and created a new tips database and a whistleblower office. In the past two years, the agency logged a record number of enforcement actions and brought major financial crisis cases, including a record US$550 million settlement in 2010 with Goldman Sachs.

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