Reuters - Video

EDITION: U.S. | U.K. | IN

Business

Power Player: Mary Schapiro leaving SEC

Monday, November 26, 2012 - 02:02

Nov. 26 - The head of the U.S. Securities and Exchange Commission, Mary Schapiro, will step down in December after a tumultuous four years. Conway G. Gittens reports.

▲ Hide Transcript

View Transcript

PLEASE NOTE: THIS EDIT CONTAINS CONVERTED 4:3 MATERIAL The Power Player today is Mary Schapiro. Schapiro announced she is leaving her job as the head of the U.S. Securities and Exchange Commission in December. So let's take a look at her legacy. For starters, she saved the SEC. After the agency failed to notice the scams of Bernie Madoff and Allen Stanford, many people on Wall Street and in Washington considered the regulator redundant. But Schapiro was determined to change their minds. This is what she said at her Senate confirmation hearing right after U.S. President Barack Obama nominated her to head the SEC in 2009. SOUNDBITE: MARY SCHAPIRO, SEC CHAIRMAN NOMINEE, SAYING (ENGLISH): "There can be no sacred cows. We have to go with full force and fervor against anyone who violates investors trust large or small regardless of their standing in the investment community." Schapiro increased oversight, streamlined the enforcement process by making it easier for staff to issue subpoenas, and created specialized units, a new tips database, and a whistleblower office. She convinced lawmakers to expand the SEC's powers and pledge a major funding boost. She successfully went after people involved in an insider trading scandal, including former Goldman Sachs partner Rajat Gupta. And she had to fight other fires -- from the 2010 flash crash and losing court battles over SEC enforcement actions, to new challenges to SEC rule makings. But she's not without her critics: There's the collapse of MF Global; some say, under Schapiro, the SEC has been too slow in writing new rules arising from Dodd-Frank reform; critics also indicate that the SEC did not make any of the Wall Street big guys pay for the subprime mortgage mess; and that the SEC has had troubles catching up with technology like high-frequency trading. After Mary Schapiro leaves on December 14, SEC Commissioner Elisse Walter will serve as chairman-designate on a temporary basis. A White House official said President Barack Obama plans to nominate a full-term replacement in the near future.

Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code

Power Player: Mary Schapiro leaving SEC

Monday, November 26, 2012 - 02:02

Top News »

Investing 201 »

Arian Foster = BlackBerry? Arian Foster = BlackBerry?

Fri, Oct 25, 2013 - (3:16)

Don’t miss these red flags for IPOs Don’t miss these red flags for IPOs

Thu, Oct 10, 2013 - (2:34)

Copycat currency trading Copycat currency trading

Wed, Oct 02, 2013 - (2:28)

When to dump a winner When to dump a winner

Tue, Sep 24, 2013 - (1:55)

Where gold might again attract Jim Rogers Where gold might again attract Jim Rogers

Thu, Sep 19, 2013 - (2:05)

Why savings interest rates won't budge Why savings interest rates won't budge

Fri, Sep 13, 2013 - (2:09)

Buy local? ETFs try the trend Buy local? ETFs try the trend

Thu, Sep 05, 2013 - (2:42)

The better bond funds The better bond funds

Wed, Aug 07, 2013 - (2:40)

Best bargain in 40 years? European stocks Best bargain in 40 years? European stocks

Thu, Aug 01, 2013 - (2:24)

Invest like an activist Invest like an activist

Fri, Jul 26, 2013 - (2:49)

Money Clip »

3 things to do before disaster strikes 3 things to do before disaster strikes

Wed, Sep 18, 2013 - (1:39)

Your must-do money list Your must-do money list

Wed, Sep 11, 2013 - (1:24)

The worst "best" financial advice The worst "best" financial advice

Wed, Sep 04, 2013 - (1:42)

Forget gold: The case for REITs Forget gold: The case for REITs

Fri, Apr 26, 2013 - (1:19)

3 rules for buying a house now 3 rules for buying a house now

Thu, Apr 18, 2013 - (1:39)

“Stalking” your dream home - Money Clip “Stalking” your dream home - Money Clip

Wed, Mar 27, 2013 - (2:50)

3 hidden tax deductions - Money Clip 3 hidden tax deductions - Money Clip

Thu, Mar 21, 2013 - (1:33)

Moving Pictures »

Still missing – MH370 Still missing – MH370

Fri, Sep 05, 2014 - (2:05)

Images of August Images of August

Fri, Aug 29, 2014 - (1:00)

Burning Together Burning Together

Mon, Sep 01, 2014 - (2:23)

Mending dolls, teddies and hearts Mending dolls, teddies and hearts

Fri, Aug 22, 2014 - (3:12)

"Old timers" sail the Chesapeake Bay "Old timers" sail the Chesapeake Bay

Mon, Aug 11, 2014 - (2:27)

Burned memories Burned memories

Fri, Aug 08, 2014 - (3:02)

Images of July Images of July

Thu, Jul 31, 2014 - (1:20)

World Cup: passion on the pitch World Cup: passion on the pitch

Fri, Jul 11, 2014 - (1:00)

A refugee in America gives back A refugee in America gives back

Thu, Jul 03, 2014 - (3:25)

A long search for refuge A long search for refuge

Fri, Jun 20, 2014 - (3:04)

Reuters Investigates »

Re-homing victim: "I could have been dead" Re-homing victim: "I could have been dead"

Wed, Feb 19, 2014 - (8:24)

Cops and loggers in the Amazon rainforest Cops and loggers in the Amazon rainforest

Fri, Jan 10, 2014 - (4:01)

"Passed around like a dog" "Passed around like a dog"

Thu, Aug 29, 2013 - (6:32)

Adopted, then abandoned online Adopted, then abandoned online

Thu, Aug 29, 2013 - (13:21)

How the DEA keeps its secrets secret How the DEA keeps its secrets secret

Mon, Aug 05, 2013 - (1:36)

How education lost its role as the great equalizer - Reuters Investigates How education lost its role as the great...

Mon, Dec 17, 2012 - (7:52)

Jihad Jane: From abused child to American jihadist - Reuters Investigates Jihad Jane: From abused child to American...

Sat, Dec 08, 2012 - (10:01)

Jihad Jane: The order to kill - Reuters Investigates Jihad Jane: The order to kill - Reuters...

Sun, Dec 09, 2012 - (10:39)