Mary Schapiro, selected by President-elect Obama to be the next Chairwoman of the SEC, will have her Senate confirmation hearing on Thursday, January 15, the WSJ reports. Schapiro is presently the president of the Financial Industry Regulatory Authority (FINRA), which oversees broker-dealers.
Schapiro may face tough questioning about the Madoff scandal, as FINRA and its predecessor firms examined the Bernard L. Madoff Securities firm in 2003, 2005, and 2007 without finding any indication of the Ponzi scheme that authorities now believe dates back to the 1970s.
