Shapiro quits as head of U.S. SEC

Nov 26, 2012, 10:58 AM EST
Mary Shapiro, chairman of the Securities and Exchange Commission, makes remarks at the inaugural meeting of the Financial Stability Oversight Council on October 1, 2010 in Washington, DC.
Getty Images North America/Brendan Hoffman

The head of the U.S. Securities and Exchange Commission, Mary Schapiro, announced she will step down from the agency on Dec. 14. Shapiro took over in 2009 as the SEC was being heavily criticised for regulatory failures in the run up to the 2008 financial crisis and for not detecting Bernard L. Madoff’s multi-billion dollar fraud, which was uncovered a month before her appointment. The White House says it intends to designate SEC Commissioner Elisse Walter as chairman following Shapiro's departure.