Walter to take SEC's reins as Schapiro announces plans to depart

Mary Schapiro says she'll step down next month as chairwoman of the Securities and Exchange Commission. SEC Commissioner Elisse Walter was named chairwoman-designate. Schapiro, who came to the SEC after stints at the Commodity Futures Trading Commission and the Financial Industry Regulatory Authority, is credited with reshaping the agency's top ranks and successfully campaigning for more funding after a series of challenges in which the SEC was accused of slack oversight.

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