There has been a minor hubbub about what exactly SEC Commissioner Elisse Walter was appointed as following the planned resignation of current Chair Mary Schapiro. First the White House said she would be the “designated” Chair, not interim or acting, while the President looks for someone else (he has the right to appoint the Chair). This led some to suggest she was essentially the replacement.
Then the White House made clear that the President intends to find a long-term successor, though Walter was considered a front-runner for the job. But even then he decided that she will not be interim or any adjective before her title, he is officially appointing her as “Chair.” Commentators are suggesting this means she could be there for a year or more, giving her a chance to oversee some important rulemakings that are coming, including under the Jumpstart our Business Startups (JOBS) Act.
Walter is known as a bit of a skeptic when it comes to the JOBS Act. Each Commissioner has their own thoughts about how they divide their two missions of facilitating capital formation and protecting invetors. Walter tends to lean a bit towards investor protection. Her views, however, are fairly similar to those of outgoing Chair Schapiro. So we shall see!
