Updated Thursday, July 31, 2014 as of 3:29 AM ET

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Schapiro to Quit as SEC Chairman and Be Replaced by Walter

Joshua Gallu, Robert Schmidt and Jesse Hamilton

Schapiro, 57, will be replaced as chairman when she steps down on Dec. 14 by Commissioner Elisse Walter, former senior executive vice president at the Financial Industry Regulatory Authority, President Obama said in a statement.

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