Schapiro to depart as SEC chairman


WASHINGTON — Mary Schapiro, who helped lead the government’s regulatory response to the 2008 financial crisis, said Monday that she will step down next month as chairman of the Securities and Exchange Commission.

President Obama chose Elisse Walter, one of five commission members, to replace her.

Ms. Walter can serve through 2013 without Senate approval because she has been confirmed to the commission. A Democrat, she was appointed in 2008 by President George W. Bush.