U.S. Chamber Commits to Work with Schapiro as SEC Chair

The Right Pick to Strengthen a Critical Agency while Restoring Credibility to Markets

WASHINGTON, DC—U.S. Chamber of Commerce Executive Vice President and Chief Operating Officer David Chavern issued the following statement on President-elect Barack Obama's selection of Mary L. Schapiro, chief executive officer of the Financial Industry Regulatory Authority, to lead the Securities and Exchange Commission (SEC).

"This is the right pick at the right time. Ms. Schapiro has the credibility to move the agency away from its recent shortcomings and refocus on strengthening its regulatory and enforcement efforts to restore credibility to our markets.

"Schapiro has the skills and experience to fix the regulatory plumbing at an agency that has sprung too many leaks in recent years. She must build broad support for repairing and modernizing the SEC as it prepares for the new regulatory framework that will be established by the incoming Congress.

"She is widely respected and has a long record of success in leading market regulators. We look forward to working with her to help modernize our financial regulatory structure.

"We also welcome Gary Gensler's nomination to head the Commodities Future Trading Commission.

"This experienced and knowledgeable team that President-elect Obama is assembling will help ensure effective coordination among all of the market regulators, minimizing regulatory gaps and inefficiencies."

The U.S. Chamber is the world's largest business federation representing more than 3 million businesses and organizations of every size, sector, and region.

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