Walter will take SEC's reins as Schapiro steps down

After four difficult years of reform, Mary Schapiro will step down next month as chairman of the Securities and Exchange Commission. SEC Commissioner Elisse Walter has been named chairman-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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