President Barack Obama nominated Securites and Exchange Commission member Elisse B. Walter to succeed outgoing chairman Mary L. Schapiro.
Walter, a Democrat, was appointed to the commission in 2008 by Republican President George W. Bush. She served as acting chairman in January 2009, as Obama assumed office.
Walter earlier this year was fiercely critical of the money management industry, for "unconstructive disengagement'' on the subject of a new round of regulation of money market mutual funds.
At a mutual fund conference held by the Investment Company Institute, she said the industry, whose lead proponent is the ICI, should "move away from media statements and move back to building on the discussion of the past two years.'' She followed ICI counsel Karrie McMillan on stage, immediately after McMillan said “what the SEC is considering doing to money market fund investors is outrageous. Outrageous.''
Outgoing chairman Schapiro, who announced her plan to depart earlier Monday, had sought to gain support from a majority of commissioners for a series of proposals that involved additional capital buffers, restrictions on redemptions of shares and a floating net asset value for shares of money funds.
Schapiro dropped the proposals in August, for lack of support. But the Financial Stability Oversight Council, headed by Treasury secretary Timothy Geithner has revived them.
Walter has extensive regulatory background. She has served as the senior executive vice president for regulatory policy and programs at the Financial Industry Regulatory Authority and held the same position at the National Association of Securities Dealers before its 2007 merger with NYSE Member Regulation, which led to the creation of FINRA.
She also has served as the General Counsel of the Commodity Futures Trading Commission.