Ex-U.S. SEC chair named to serve on Wall Street regulatory board

WASHINGTON Thu Aug 14, 2014 4:16pm EDT

WASHINGTON (Reuters) - Elisse Walter, a former regulator who twice served as head of the U.S. Securities and Exchange Commission, was appointed on Thursday to serve as a public governor to the board of Wall Street's self-funded regulator.

The Financial Industry Regulatory Authority announced the appointment following a vote held during the group's annual meeting in Washington, D.C.

In addition to Walter, FINRA also appointed Susan Wolburgh Jenah, the chief executive officer of the Investment Industry Regulatory Organization of Canada, as a public director.

Two other industry representatives - Cresap Inc President Mark Cresap and Gregory Fleming of Morgan Stanley's wealth management unit, were also elected to serve as governors representing small firms and large firms, respectively.

For Walter, her new role at FINRA is akin to somewhat of a homecoming. She previously spent more than two decades working at FINRA, including as a senior executive vice president for regulatory policy and programs.

Walter, a Democrat, was initially appointed as an SEC commissioner by President George W. Bush. She briefly chaired the agency in January 2009, as the White House transitioned to the new administration under President Barack Obama.

Later, after SEC Chair Mary Schapiro stepped down, Obama designated her chair in December 2012 until the SEC's current Chair Mary Jo White was confirmed in April 2013.

FINRA said Thursday that other governors were also departing, including former SEC Commissioner Harvey Goldschmid as well as former Comptroller General Charles Bowsher, James Burton, John F.X. Dolan and Kurt Stocker.

Governors are appointed to three-year terms, and may not serve more than two consecutive terms. The board is comprised of 24 people, with 13 seats held by public directors and 10 by industry representatives. FINRA's CEO Richard Ketchum holds the final spot.

(Reporting by Sarah N. Lynch; Editing by Lisa Shumaker)