WASHINGTON -- President Obama on Monday designated Elisse Walter as chairwoman of the Securities and Exchange Commission, but it's unclear if the Democratic commissioner will be the permanent replacement for outgoing Mary Schapiro.
Walter, who has served on the SEC since July 2008, will take over the reins of the agency after Schapiro steps down on Dec. 14. Schapiro announced her resignation Monday.
Obama thanked Schapiro for her "steadfast leadership."
"When Mary agreed to serve nearly four years ago, she was fully aware of the difficulties facing the SEC and our economy as a whole," Obama said in a written statement.
"But she accepted the challenge, and today, the SEC is stronger and our financial system is safer and better able to serve the American people – thanks in large part to Mary's hard work," he said.