SEC Chairman Mary Schapiro is expected to take several steps very quickly with respect to the SEC’s Division of Enforcement.
The Washington Post reports that Schapiro has already begun talking to potential candidates to take over the position of Director of Enforcement. Although current Director Linda Thomsen is viewed positively, the article states that “associates said Schapiro will want to install one of her own atop the enforcement division and has been talking about the job with several people who have experience as federal prosecutors.”
The Washington Post also reports today that “within days” Schapiro may do away with a three-year-old requirement that the enforcement division’s lawyers get approval from the Commission before negotiating to impose penalties on companies accused of wrongdoing. Fines levied against corporations have fallen 85 percent since the requirement was put in place, the Post reports.
Schapiro may also move to add new people to the Enforcement Division, redirecting open SEC slots to the enforcement division and seeking additional funds from Congress for new enforcement hires.
