's appointment should be made official soon, but there's no word yet on what will happen to Chris Cox
. The news of Schapiro's ascension is widely reported (see Bloomberg
, the Financial Times
, Los Angeles Times
, USA Today
, the Wall Street Journal
and the Washington Post
), with President-Elect Barack Obama
widely expected to formally announce on Friday his selection of Schapiro as the next SEC
Schapiro, a former SEC commissioner herself, currently leads FINRA
, successor to the NASD.
Since SEC chairmen serve set terms (like Fed governors) and thus do not serve at the pleasure of the president, it seems fair to assume that Cox will resign shortly after Obama's presidency begins. What Cox plans to do after that is unclear.
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