Schapiro said she was "amazed by how hard the men and women of the agency work each and every day and by the sacrifices they make to get the job done."
"So often they stay late or come in on weekends to polish a legal brief, review a corporate filing, write new rules, or reconstruct trading events. And despite the complexity and the intense scrutiny, they always excel at what they do."
President Obama expressed his gratitude to Schapiro in a statements, saying "When Mary agreed to serve nearly four years ago, she was fully aware of the difficulties facing the SEC and our economy as a whole. But she accepted the challenge, and today, the SEC is stronger and our financial system is safer and better able to serve the American people - thanks in large part to Mary's hard work.
Lawrence D. Kaplan -- a banking attorney who advises on regulatory issues for Paul Hastings in the firm's Washington office -- says he expected "that the President would appoint someone who is already a commissioner," which should ease Walter's confirmation in the Senate, since "she has already been confirmed by the Senate as a commissioner."
"The Commission can still operate with a vacancy," Kaplan says, "and the president is assured of having a new Chairmean who from day one is familiar with all of the issues on the SEC's agenda, and then can focus on the Commission vacancy created by the elevation of Commissioner Walter."
Kaplan added that "Schapiro has had a lot of accomplishments, primarily in implementing Dodd-Frank and overseeing the markets in one of the most challenging periods for the economy."
Frank A. Mayer, III -- a partner in the Financial Services Practice Group of Pepper Hamilton LLP, in the firm's Philadelphia office -- says "Elise Walter has been in securities regulation for a long time and I would not expect there to be any change in focus or intensity at the SEC under her watch."
Written by Philip van Doorn in Jupiter, Fla.