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SEC Chairman Mary Schapiro to step down

  • SEC (US Securities and Exchange Commission) Image

Nov 26, 2012

After nearly four years in office, SEC Chairman Mary Schapiro will step down on December 14, 2012. Her named successor, Elisse B. Walter, is currently one of the SEC commissioners.

Chairman Schapiro is one of the longest-serving SEC chairmen; she was appointed by President Barack Obama on January 20, 2009. In the wake of the financial crisis in January 2009, Chairman Schapiro strove to strengthen, reform, and revitalize the agency. She oversaw a more rigorous enforcement and examination program, and she shaped the Dodd-Frank Wall Street Reform and Consumer Protection Act.

The SEC final staff report Work Plan for the Consideration of Incorporating IFRSs into the Financial Reporting System for U.S. Issuers in July 2012 did not contain any recommendations about the adoption of IFRSs in the United States, but its publication is viewed as a positive signal. As designated SEC Chairman Walter noted in a recent speech, although the time frame was uncertain, she believed the United States "will get there eventually" with IFRS adoption.

Click to view the SEC press release (link to the SEC's Web site).

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