As FCC Chief’s Term Nears End, Speculation Grows Over Possible Successor
On June 30th, Federal Communications Commission chairman Julius Genachowski’s five-year term will expire, which has led to speculation that Genachowski might soon announce his departure. Although the FCC chair is not a cabinet-level position, D.C. chatter is already flying fast and furious about Genachowski’s replacement, because the FCC holds broad regulatory power over the most important media, communications, and technology companies in the United States. There is particular focus on Genachowski’s future in part because his term at the FCC has been so contentious. Throughout his tenure, he has tried to thread a centrist needle on issues like broadband policy, industry competition, and media consolidation. In doing so, he has managed to annoy almost every constituency, from public interest groups that have pushed for a more activist FCC, to industry giants who have bristled at some of his decisions. For example, Genachowski’s decision to approve Comcast’s purchase of NBCUniversal ...
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SEC Official Elisse Walter Chosen to Lead Agency
(WASHINGTON) — President Barack Obama has chosen Elisse Walter, one of five members of the Securities and Exchange Commission, to become chairman of the agency. Chairman Mary Schapiro will leave next month after a tumultuous tenure in which she helped lead the government’s regulatory response to the 2008 financial crisis. Walter will take over at a critical time for the SEC, which is finalizing new rules in response to the 2008 financial crisis. She can serve through 2013 without Senate approval because she’s already been confirmed to the commission. Obama will need to nominate a permanent successor before Walter’s term ends. News reports have suggested that Mary John Miller, a top Treasury Department official, is among those mentioned as a potential candidate. (MORE: Obama Selects Three Financial Regulators) Walter, who is a Democrat, was appointed to the SEC in 2008 by President George W. Bush. Earlier, she was a senior official at the Financial Industry Regulatory Authority, the ...
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Mary Schapiro Stepping Down as SEC Chair
(WASHINGTON) — Mary Schapiro will step down as chairman of the Securities and Exchange Commission next month after a tumultuous tenure in which she helped lead the U.S. government’s regulatory response to the 2008 financial crisis. President Barack Obama designated Elisse Walter, an SEC commissioner, to replace Schapiro. Schapiro will leave Dec. 14, the SEC said Monday. She was appointed by Obama in the midst of the worst financial crisis since the Great Depression. She took over after the agency failed to detect the Bernard Madoff Ponzi scheme. (MORE: Obama Selects Three Financial Regulators) Schapiro is credited with helping reshape the SEC after it was accused of failing to detect reckless investments by many of Wall Street’s largest financial institutions before the crisis. And she led an agency that brought civil charges against the nation’s largest banks. But critics argued that she failed to act aggressively to charge leading individuals at those banks who may have contributed ...
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