Schapiro stepping down after leading SEC in crisis - WQOW TV: Eau Claire, WI NEWS18 News, Weather, and Sports

Schapiro stepping down after leading SEC in crisis

Courtesy: Evan Vucci/AP Photo Courtesy: Evan Vucci/AP Photo

WASHINGTON (WKOW) -- The chairman of the Securities and Exchange Commission is stepping down after helping lead the U.S. government's regulatory response to the 2008 financial crisis.

The SEC says Mary Schapiro, who was appointed by President Barack Obama, will leave on December 14. She took over after the agency failed to detect the Bernard Madoff Ponzi scheme.

Schapiro is credited with helping reshape the agency during a tumultuous period. But critics say she failed to act aggressively to bring charges against leading figures who contributed to the financial crisis.

It isn't clear who will replace Schapiro, but several news reports suggest Mary John Miller, a top Treasury Department official, is a leading candidate.

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