The White House announced today that Elisse Walter will serve as SEC Chairman when Chairman Schapiro departs next month. The concurrent appointment of a successor to Chairman Schapiro from among the Commissioners could bode well for keeping the broad range of initiatives that the SEC has been pursuing on track, including the rulemaking required under the JOBS Act.
The SEC announced today that Mary Schapiro will step down from her position as SEC Chairman next month, after nearly four years in office. Chairman Schapiro has been deeply involved in the agency’s response to capital-raising concerns of issuers and the agency’s response to the JOBS Act, directing the SEC’s staff to look closely at capital raising concerns while Congress concurrently debated the various pieces of legislation that ultimately became the JOBS Act. At times, Chairman Schapiro was openly critical of some JOBS Act provisions, including the crowdfunding provisions that were initially passed in the House of Representatives and the unrealistic rulemaking deadline imposed in Title II. The departure of the SEC Chairman may delay the implementation of some JOBS Act rules, including the proposed changes to Rules 506 and 144A mandated by Title II, given that the Commission may be reluctant to act until a new Chairman is appointed and confirmed.