President Obama has named SEC commissioner Elisse B. Walter as the new chair of the Securities and Exchange Commission, succeeding Mary Schapiro.

Schapiro said Monday that she intends to step down on December 14 after four years of leading the commission (see SEC Chair Mary Schapiro to Step Down in December). Obama said Monday that he intends to designate Walter, a current commissioner, as chair when Schapiro departs next month.

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