Schapiro Takes Helm At SEC; Geithner At Treasury

Jan. 27, 2009

FEI Summary

On Jan. 27, 2009 Mary L. Schapiro was sworn in as chairman of the U.S. Securities and Exchange Commission. Schapiro was appointed by President Barack Obama on Jan. 20, and unanimously confirmed by the U.S. Senate. She is the first woman to serve as the agency’s permanent chairman.

Schapiro previously served as a commissioner at the SEC from December 1988 to October 1994. She was appointed by President Ronald Reagan, reappointed by President George H.W. Bush, in 1989, and named acting chairman by President Bill Clinton, in 1993. She left the SEC when President Clinton appointed her chairman of the Commodity Futures Trading Commission, where she served until 1996.

Immediately prior to her SEC appointment, Chairman Schapiro was CEO of the Financial Industry Regulatory Authority (known as Finra), the largest non-governmental regulator for securities firms doing business with the U.S. public. Further details are in this SEC press release.

Separately, on the preceding day, Timothy F. Geithner was sworn in as U.S. treasury secretary. Following remarks by President Obama, Vice President Joe Biden administered the oath of office to Geithner; his remarks have been posted here.

Serving most recently as president of the Federal Reserve Bank of New York, Geithner has worked in a variety of positions for three administrations and five secretaries of the treasury. He served as under secretary of the Treasury for International Affairs from 1999 to 2001 under Treasury Secretaries Robert Rubin and Lawrence Summers, and was director of the Policy Development and Review Department at the International Monetary Fund from 2001 until 2003. Before joining the Treasury, Geithner worked for Kissinger Associates, Inc. Read more about Timothy F. Geithner.