After announcing Monday that Securities and Exchange Commission Chairman Mary Schapiro will leave her position effective Dec. 14, the SEC confirmed that Commissioner Elisse Walter will be her replacement.

Commissioner Walter, who was appointed by President Barack Obama, was sworn into the SEC in July 2008. During January 2009, Commissioner Walter served as Acting Chairman. Before serving as an SEC Commissioner, she held the title of senior executive vice president, regulatory policy & programs, for Financial Industry Regulatory Authority.

In a statement Monday, President Obama said, "I want to express my deep gratitude to Mary Schapiro for her steadfast leadership at the Securities and Exchange Commission. 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. 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. 

"I am also pleased to designate Elisse Walter as SEC Chairman after Mary's departure. I'm confident that Elisse's years of experience will serve her well in her new position, and I'm grateful she has agreed to help lead the agency."

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