November 28, 2012
By: Jisha V. Dymond
SEC Chair Steps Down: Political Disclosure Rulemaking in Limbo?
On Monday November 26, 2012, Mary Schapiro, the SEC Chairwoman, announced that she would step down effective December 14. Schapiro will be replaced in the interim by Elisse Walter, a current SEC Commissioner. This change comes in the wake of the announcement by Meredith Cross, director of the SEC’s division of Corporate Finance, that the unit will be considering the political disclosure petition filed by the Committee on Disclosure of Corporate Political Spending. As we previously discussed here, the rulemaking petition would require publicly traded corporations regulated by the SEC to disclose information about their political spending. Schapiro’s departure raises the question of whether this issue will be addressed under the new Chair’s tenure.