FOX Business Network (FBN) Senior Correspondent Charlie Gasparino reports that Securities and Exchange Commission (SEC) Chair Mary Schapiro is telling Wall Street executives she “is likely to leave” her post and that “it’s a matter of timing and the timing is the matter of who wins” the election. Gasparino reports that President Obama wins reelection, Schapiro “is likely to leave immediately, maybe even that day. Handing her role to Elisse Walter, a democratic commissioner who’s considered can do the job.” Conversely, Gasparino reports Schapiro will “be in this job longer, possibly staying out her term,” should Gov. Romney win the election, and that possible replacements could be SEC Republican Commissioner Daniel Gallagher and Travelers Vice Chairman William Heyman.
Excerpts & Video from the report are below.
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On the timing of Mary Schapiro’s departure as SEC Chair:
“This is all contingent”, at least this is what Schapiro is signaling to Wall Street executives who the FOX Business Network spoke exclusively with. This is all contingent on who wins the presidential election. If Barack Obama, current president, wins reelection, she is likely to leave immediately, maybe even that day. Handing over her role to Elisse Walter a democratic commissioner someone who’s considered can do the job. Now, if Romney wins that’s where this gets more complicated. Obviously she has to wait for a replacement that could take – who knows a month, two months, and that’s where she will be in this job longer, possibly staying out her term. Remember I think her term ends with the Presidential term in January, and that’s where she’d be in the job longer. But clearly, she’s out. She’s telling people this is it, it’s a matter of timing and the timing is the matter of who wins. Now if Romney wins as President who might he appoint as SEC Chairman? Two names come up; Daniel Gallagher who’s a republican commissioner, currently on the commission, and Travelers’ Vice Chairman, William Heyman.”