President-elect Barack Obama will name Mary Schapiro to head the Securities and Exchange Commission. The announcement will come at a Chicago news conference this morning at 10:45 ET.
Schapiro, a lawyer, is currently the chief executive of the Financial Industry Regulatory Authority. She was an SEC commissioner for six years until becoming chair of the Commodity Futures Trading Commission during the Clinton administration.
If confirmed by the Senate, Schapiro would replace Christopher Cox, the former California congressman who was named by President Bush to head the SEC.
The SEC has come under fire as major financial institutions in the country have collapsed and scandals the latest being the $50 billion investment fraud scheme allegedly carried out by Bernard Madoff have destroyed confidence in the industry.
Tomorrow, Obama is expected to name retiring Illinois Congressman Ray LaHood, a Republican, as secretary of transportation.