Regulation

Goldman Sachs Group Inc. Chief Executive Officer Lloyd Blankfein is among the business leaders invited to the White House Wednesday as President Barack Obama seeks their support for his approach to addressing the fiscal cliff, according to two people familiar with the matter.

Elisse Walter, who has spent the past four years as Securities and Exchange Commission Chairman Mary Schapiro’s closest confidant and behind-the-scenes adviser, will soon step into the spotlight that she has mostly shunned in trying to help her close friend succeed.

JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon would be the best person to lead the U.S. Treasury Department in a financial crisis, billionaire investor Warren Buffett said.

Whether it's capital surcharges for fund companies designated as "systemically important" or dealing with new fiduciary rules for advisors and brokers or the much-feared reform of money funds, the bill is about to come due-and get paid.

SEC Chairman Mary Schapiro is leaving the agency, after helping turn around its tarnished reputation in the wake of the financial crisis.

Goldman Sachs Group Inc. Chief Executive Officer Lloyd Blankfein is among the executives scheduled to meet with U.S. House Republican leaders on the so- called “fiscal cliff,” according to a House aide.

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.

The Securities and Exchange Commission has initiated cease-and-desist proceedings against a New York-based advisor for submitting false information on a registration form in a bid to duck its regulatory obligations with state authorities.

The Investment Company Institute, noting its disagreements with outgoing Securities and Exchange Commission chairman Mary L. Schapiro, lauded the “record of accomplishment” of the woman nominated to succeed her.

Securities and Exchange Commission Chairman Mary L. Schapiro said she will leave her office before the end of the year.