WASHINGTON (AP) — Mary Schapiro will step down as chairman of the Securities and Exchange Commission next month after a tumultuous tenure in which she helped lead the U.S. government's regulatory response to the 2008 financial crisis.
Schapiro will leave Dec. 14, the SEC said Monday. She was appointed by President Barack Obama in the midst of the worst financial crisis since the Great Depression. She took over after the agency failed to detect the Bernard Madoff Ponzi scheme.
Schapiro is credited with helping reshape the SEC after it was accused of failing to detect reckless investments by many of Wall Street's largest financial institutions before the crisis. And she led an agency that brought civil charges against the nation's largest banks.
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