Mary L. Schapiro

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Mary L. Schapiro
Occupation	COO
Employer	Financial Industry Regulatory Authority
Location	Washington, DC
Web site	http://www.finra.org/index.htm

Mary L. Schapiro is chief operating officer of the Financial Industry Regulatory Authority (FINRA), the largest non-governmental regulator for all securities firms doing business with the U.S. public. On Dec. 17, 2008, President-elect Barack Obama announced that Schapiro would become the chairman of the Securities and Exchange Commission under his new administration.^[1]Although her appointment is not a cabinet-level position, she faces confirmation by the Senate, some of whose members have been critical of how the SEC performed in overseeing the faltering investment banks this year.^[2]

Background

Schapiro also serves as chairman of the FINRA Investor Education Foundation, the largest foundation in the U.S. dedicated to investor education.

Schapiro joined the organization in 1996 as president of NASD Regulation, was named vice chairman in 2002, and in 2006 became NASD's chairman and COO. In 2007, NASD was merged with elements of the member firm oversight components of New York Stock Exchange Regulation to create FINRA.^[3]

NYSE Regulation's three divisions (Market Surveillance, Enforcement, and Listed Company Compliance) regulate equities and options trading and listing compliance for the New York Stock Exchange, NYSE Arca, and NYSE Alternext US.

Before assuming her present duties, Schapiro in 1994 was appointed by President Clinton as chairman of the U.S. Commodity Futures Trading Commission (CFTC).

Prior to assuming the CFTC chairmanship, she served for six years as a commissioner of the Securities and Exchange Commission. She was appointed in 1988 by President Ronald Reagan, reappointed by President Bush in 1989 and named acting chairman by President Bill Clinton in 1993.

Schapiro is a member of the International Organization of Securities Commissions (IOSCO) and was chairman of the IOSCO SRO Consultative Committee from 2002 until 2006.

Education

Schapiro is a 1977 graduate of Franklin and Marshall College in Lancaster, PA. In 1980 she earned a Juris Doctor degree (with honors) from George Washington University.

Awards

In 2000 Schapiro was named the Financial Women's Association Public Sector Woman of the Year, and in 2006, she was inducted into the Futures Industry Association Futures Hall of Fame. ^[4]

Professional Affiliations

She is a member of the Board of Trustees of Franklin and Marshall College and a member of the boards of directors of Duke Energy and Kraft Foods. Schapiro also serves on the Rand Corporation's LRN-RAND Center of Corporate Ethics, Law and Governance Advisory Board.

References

1. ↑ US Financial Watchdog Boss Named. BBC. Retrieved on December 18, 2008.
2. ↑ Picks Made for S.E.C. and Transportation Post. The New York Times. Retrieved on December 18, 2008.
3. ↑ About FINRA, Mary L. Schapiro. FINRA. Retrieved on October 29, 2007.
4. ↑ "Mary L. Schapiro”. www.futuresindustry.org/. Retrieved on Nov. 25, 2007.