Mary Schapiro to Step Down as SEC Chairman, N.Y. Times Reports

Mary Schapiro, who led the U.S. Securities and Exchange Commission through the aftermath of the 2008 credit crisis and Bernard Madoff’s multi-billion dollar fraud, is stepping down as the agency’s chairman, the New York Times said today, citing Obama administration sources.

Schapiro, who was appointed by President Barack Obama in 2009, will leave the SEC amid criticism from lawmakers and investors over the agency’s handling of new responsibilities imposed by the Dodd-Frank Act and its failure to hold individuals accountable for the worst economic collapse since the Great Depression.

SEC spokesman John Nester didn’t immediately respond to a request for comment.

To contact the reporter on this story: Gregory Mott in Washington at gmott1@bloomberg.net

To contact the editor responsible for this story: Maura Reynolds at mreynolds34@bloomberg.net

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