In December 2008, then President-Elect Barack Obama announced his choice of
Financial Industry Regulatory Authority’s (“FINRA”) CEO, Mary L. Schapiro, to
succeed Chairman Christopher Cox as the Securities and Exchange Commission (“SEC”)
Chairman. On January 20, 2009, the President appointed and the Senate unanimously
confirmed Ms. Schapiro as SEC Chairperson. With a reputation for regulatory
enforcement and regulation reform, Schapiro’s appointment sent a clear message to the
financial services industry to be on the lookout for increased transparency and oversight
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