President-Elect Barack Obama on Thursday, 18 December 2008 nominated Mary Schapiro to head Securities and Exchange Commission of United State of America. If the senate confirmed this appointment, the 53 year old career financial regulator could well be the first women to supervise the Wall Street and economy.
This change could be triggered by the recent 50-billion-dollars fraud alleged against Bernard Madoff episodes. That was why there is a need to make changes which will be a effective approach to restore order and the confidence in the leadership of SEC.
According to news sources, Chris Cox, the current Chairman had been accused by critics turning a blind eye on market abuses by well connected financial firms and banks.
Well, this could be a move that could assure the investors that the US Government in committed to regulate the market and to restore trust in SEC and the government as a whole.