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News Summary: SEC official Walter will lead agency

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The Associated Press | November 26, 2012 06:02 PM EST | AP


NEW SEC CHAIRMAN: President Barack Obama chose Elisse Walter, one of five members of the Securities and Exchange Commission, to head the agency. Chairman Mary Schapiro will leave next month after a tumultuous tenure in which she helped lead the government's regulatory response to the financial crisis.

BIG YEAR AHEAD: Walter will take over at a critical time for the SEC, which is finalizing new rules in response to the 2008 crisis. She likely will follow the path Schapiro set at the SEC, experts suggest.

NO APPROVAL NEEDED: Walter can serve through 2013 without Senate approval because she's already been confirmed to the SEC. Obama must nominate a permanent successor before Walter's term ends in December 2013.