Mary Schapiro, the First Woman Chairman of SEC, Sworn in Today
After being unanimously confirmed by the US Senate, Mary Schapiro was sworn in today as Chairman of the SEC. In her statement she said the following, as reported in a press release from the SEC:
"Seventy-five years after this great agency was founded, the SEC must play a critical role in rebuilding investor confidence, reviving our markets, and rejuvenating our economy. I’m honored and grateful to be entrusted with leading this agency during such an important time – when the SEC must effusively be the investor’s advocate. Working with my fellow Commissioners and the agency’s talented staff, we will be committed to reinvigorating a financial regulatory system that must protect investors and vigorously enforce the rules. We will work to deepen the SEC’s commitment to transparency, accountability, and disclosure while always keeping the needs and concerns of investors front and center.”
While not mentioning insurance in this statement, Ms. Schapiro has been outspoken in her advocacy of increased regulation of insurance by the SEC. In her previous positions as CEO of FINRA after leading the consolidation of the NYSE and NASD into FINRA, and Chairman of the Commodity Futures Trading Commission, nothing jumps out as an obvious source of experience in regulating products that have the kind of guarantees that are typical of insurance products.
