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SEC Chairwoman Schapiro Steps Down, Walter Steps In

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SEC Chairwoman Schapiro Steps Down, Walter Steps In

By Startup Valley (310 words)
Posted in Crowdfunding on November 29, 2012

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Earlier this week, Chairwoman Mary L. Schapiro, the head of the SEC (Securities and Exchange Commission) has announced that she will be stepping down from her role on December 14th.  Shapiro was questioned during a Congressional meeting back in 2010 when she failed to deliver the missing components of fraud that was performed by Bernard Madoff. The fraudulent act is said to be a Ponzi scheme in 2008, which took place while Mary Schapiro was active in her position at the SEC.

Replacing Mary Schapiro will be Commissioner Elisse Walter. President Barack Obama feels confident that Walter will perform well and deliver positive results in her new position. Walter began working for the SEC as a commissioner in 2008. The main advantage to Elisse Walter replacing Ms. Schapiro is that she has expressed her immense support for the new portion of the JOBS Act (Jumpstart Our Business Startups Act,) which is currently still being regulated by the SEC.

The JOBS Act was passed earlier this year and will encourage funding for startups and new entrepreneurs throughout the U.S. through crowdfunding portals such as StartupValley. The SEC has announced that the final regulations should be put in place by the beginning of 2013. It will be interesting to see if any expedited processes will be implemented in finalizing the JOBS Act regulations because of Walter’s new position.

As for now, Mary Schapiro has not disclosed whether or not she has another job opportunity in her near future. She has stated that she hopes to spend time volunteering at local animal shelters and spend quality time with her daughter who recently went away to college in September.

Please share your thoughts below on this change in SEC leadership.

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