Mary Schapiro
Mary Schapiro at the One Planet Sovereign Wealth Funds Summit in June 2023
29th Chair of the Securities and Exchange Commission
In office
January 27, 2009 – December 14, 2012
PresidentBarack Obama
Preceded byChristopher Cox
Succeeded byElisse B. Walter
In office
May 7, 1993 – July 27, 1993
PresidentBill Clinton
Preceded byRichard C. Breeden
Succeeded byArthur Levitt
Chair of the Commodity Futures Trading Commission
In office
October 13, 1994 – January 26, 1996
PresidentBill Clinton
Preceded byBarbara Holum (acting)
Succeeded byJohn Tull (acting)
Personal details
Born (1955-06-19) June 19, 1955 (age 69)
New York City, New York, U.S.
Political partyIndependent[1]
EducationFranklin and Marshall College (BA)
George Washington University (JD)

Mary Lovelace Schapiro[2] (born June 19, 1955) served as the 29th Chair of the U.S. Securities and Exchange Commission (SEC). She was appointed by President Barack Obama, unanimously confirmed by the U.S. Senate, and assumed the Chairship on January 27, 2009. She is the first woman to be the permanent Chair of the SEC.[3] In 2009, Forbes ranked her the 56th most powerful woman in the world.[4]

Schapiro served in various roles as a financial services regulator in the administrations of Ronald Reagan, George H. W. Bush, and Bill Clinton. From 2006 to early 2009, she was the chairman and CEO of the Financial Industry Regulatory Authority (FINRA), the securities industry's self-regulatory organization for broker-dealers and exchanges in the United States.[5] Schapiro is the first person to lead both the SEC and the CFTC, and the only one to have chaired those two agencies as well as FINRA.[6][7] From 2015 to 2023, she led the secretariat of the Task Force on Climate-related Financial Disclosures.[8]

Schapiro currently serves as the vice-chair of the Glasgow Financial Alliance for Net Zero (GFANZ), a group formed during COP26 climate conference in Glasgow and describes itself as "a global coalition of leading financial institutions committed to accelerating the decarbonization of the economy."[9][7]

Early life and education

Schapiro was born in New York City[10] to Robert and Mary Susan "Sue" Hall Schapiro.[11] One of four children, Schapiro grew up in Babylon, New York, where her father owned the Tempus Fugit antique store.[12] and her mother was a reference librarian.[13] Schapiro graduated from Babylon High School, and matriculated at Franklin & Marshall College, where she graduated in 1977. In 1980 she earned a Juris Doctor (J.D.) degree with honors from George Washington University Law School.[5]

Career prior to the SEC

Schapiro was appointed in 1988 by President Ronald Reagan to fill one of two Democratic seats on the SEC. President George H. W. Bush reappointed her to this position in 1989. President Bill Clinton appointed Schapiro acting Chair of the SEC, and then appointed her Chair of the Commodity Futures Trading Commission in 1994. She was the youngest SEC commissioner in history.[14]

In 1996 Schapiro joined the National Association of Securities Dealers (NASD) (now the Financial Industry Regulatory Authority) as the president of NASD Regulation. In 2002 she became the Vice Chair of the NASD.

In 2005 Schapiro oversaw a wide-reaching probe into gift-giving and entertaining on Wall Street, uncovering several instances of lavish and excessive activities, which led to many charges.[15]

In 2006 she became NASD's Chair and CEO. In that position, she oversaw NASD's consolidation with NYSE Member Regulation to form the Financial Industry Regulatory Authority.[16]

In January 2008, President George W. Bush appointed Schapiro to the 19-member council of the President's Advisory Council on Financial Literacy. In 2008, Schapiro was named to Investment Advisor magazine's IA 25, the list of the 25 most influential people in and around the investment advisory business.[17]

In 2008, her last year at FINRA, Schapiro earned a regular compensation package of $3.3 million; on departure from FINRA, she received additional lump sum retirement benefit payments to a total of just under $9 million.[18] She received $8.99 million as a "final distribution," including $7.6 million in vested retirement benefits, according to a Finra report.[19]

SEC Chair

In January 2009 the U.S. Senate unanimously confirmed Schapiro's appointment by President Barack Obama to be the SEC's first female permanent chair.[5]

Schapiro partially blamed the financial crises of 2008 on deregulation, telling senators that the regulatory system had "not kept pace with the markets and the needs of investors". As the SEC's head, she said, she would press for tighter regulation of financial instruments, including derivatives.[20]

During Schapiro's tenure at the SEC, the agency improved its enforcement program, creating new structures, procedures, and programs to better address the modern financial markets, including: bringing 735 enforcement actions in FY 2011 and 734 actions in FY 2012; obtaining more than $11 billion in ordered disgorgements and penalties since FY 2009; prosecuting the largest insider trading scheme discovered to date, winning a record $92.8 million fine in the civil case against the CEO of the Galleon Hedge Fund; and bringing financial-crisis related actions against Fannie Mae and Freddie Mac, among others.[21][22]

With Schapiro at the helm, enforcement actions brought by the SEC returned more than $6 billion to harmed investors.[1] Schapiro also led the agency through one of its most active rulemaking periods, and enacted many other investor protection measures, including adopting more than three quarters of the rules required by the Dodd-Frank Act.[23]

Following the flash crash of 2010, the SEC under Schapiro implemented several reforms including circuit breakers to minimize stock market volatility and new rules for holding clearly erroneous trades and banning "naked access" to the market. She said these steps would buffer the market against future similar events.[24][25]

An early setback for Schapiro as SEC Chair occurred in September 2009 when U.S. District Judge Jed Rakoff rejected the SEC's proposed $33 million settlement with Bank of America. BoA had been charged with failure to disclose bonuses paid to Merrill Lynch executive before the two companies merged. Under the settlement's terms BoA was allowed to deny any wrongdoing, which they did when pressed by Rakoff on the matter of guilt.[26] Rakoff said the settlement did not "comport with the most elementary notions of justice and morality".[27] Seven months later, Rakoff approved a $150 million settlement of the BoA case; BoA did not have to change its declaration of innocence.[28]

Also under Schapiro, the SEC issued guidance in 2010 that addressed how public companies are disclose information about the impact of climate change on their business.[29] Upon her departure from the SEC in December 2012, President Obama commended Schapiro's contributions as chair in an official White House statement.[30]

Subsequent career

In April 2013, Schapiro joined Promontory Financial Group where she served as Advisory Board Vice Chair until leaving the firm for Bloomberg LP in 2018.[31][32][33] At Bloomberg she serves as Vice Chair of Global Public Policy and Special Advisor to the Founder and chairman.[34][35] At Bloomberg Schapiro focuses on climate finance, serving on the secretariat of the Task Force on Climate-related Financial Disclosures. Schapiro had championed such disclosures while at the SEC.[36][37]

Under her leadership, the Task Force released voluntary recommendations on how companies should disclose information about how climate-related factors could impact their business. More than 2,000 organizations and companies with a market capitalization of more than $20 trillion have endorsed the recommendations, and in 2021, they were endorsed by the G7 and G20.[38][39][40][41][42] The Task Force was disbanded after delivering its 2023 status report.[8] Schapiro said of the process that she was worried the final report would be ignored as a "wonderful paperweight for people's desks," but the G7 endorsement of their work was "enormously important" and signaled that global leaders understood climate risk was an "existential problem."[43]

In 2014, Schapiro and former New York City Mayor Michael Bloomberg joined the Sustainability Accounting Standards Board.[44] The SASB is an independent nonprofit organization that sets standards to guide the disclosure of financially material sustainability information by companies to their investors.[45] Bloomberg and Schapiro also serve together on the Working Group on U.S. RMB Trading and Clearing, where Schapiro is vice-chair.[46][47] The group was formed in 2015 to establish the trading and clearing of the Chinese currency renminbi (RMB) in the United States.[48]

In 2013 she joined the board of directors of General Electric,[49] and in 2015, she joined the board of directors of the London Stock Exchange Group.[50] In 2017, she was elected to the board of directors of CVS Health and the following year she joined the board of Morgan Stanley.[51][52] In 2019, she was tapped to advise the Hong Kong Exchanges and Clearing.[53] Schapiro is a member of the Council on Foreign Relations and a trustee of Franklin and Marshall College.[54]

Since it was announced at the 2021 United Nations Climate Change Conference (known as COP26) in Scotland, Schapiro has served as vice chair of the Glasgow Financial Alliance for Net Zero (GFANZ). The job of GFANZ is "essentially to hold the financial community accountable for its pivotal role in addressing climate change."[7] In July 2023, Schapiro was recognized for her work with GFANZ and prior work on the Task Force on Climate-related Financial Disclosures and named the first recipient of the Insight Investment and Oxford University Prize for Greening Finance.[55] In December 2023, at COP28 in Dubai, UAE, Schapiro said a new GFANZ-led capacity-building coalition promoting clean energy and resilience would empower banks in emerging and developing countries to "play a role in their country's climate adaptation and mitigation."[56][57]

Personal life

Schapiro is married to Charles "Chas" Cadwell, a former official with the U.S. Small Business Administration.[58] They have two daughters.[59] She serves as treasurer of the Humane Rescue Alliance, formerly the Washington Humane Society.[60]



  1. ^ a b Aruna Viswanatha (November 26, 2012). "Schapiro stepping down at SEC, Walter to step in". Reuters.
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  6. ^ " | SEC Biography:Chairman Mary L. Schapiro". Retrieved 2021-07-28.
  7. ^ a b c Michelson, Joan (8 November 2021). "Is GFANZ the 'GPS' We Need To Finally Address Climate Change? COP26". Forbes. Retrieved 4 January 2024.
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  11. ^ Nominations hearing record, U.S. Senate Committee on Agriculture, Nutrition & Forestry June 20, 1994
  12. ^ Babylon Beacon, Sept. 21, 2006 (
  13. ^ Wilton Daily Voice, obituary, August 25, 2011
  14. ^ Hagerty, James R. (2020-09-11). "Barbara Judge Reinvented Herself as Lawyer, Regulator and Banker". Wall Street Journal. ISSN 0099-9660. Retrieved 2021-07-28.
  15. ^ Lavan, Rosie (December 18, 2008). "SECs New Chairman: Who is Mary Schapiro". The Times. London.
  16. ^ Biography of Schapiro Archived 2008-12-24 at the Wayback Machine, FINRA
  17. ^ James J. Green (May 1, 2008). "Watch List: Mark Tibergien, the consultant and now executive who taught advisors to think of their practices as businesses, leads the IA 25 for 2008". Investment Advisor. Archived from the original on 2011-08-07. Retrieved 2012-03-07.
  18. ^ Courtney Comstock (October 11, 2010). "Whoa: FINRA Paid Mary Schapiro $9 Million In 2008". Business Insider.
  19. ^ Alexis Leondis and Zeke Faux (Jun 27, 2011). "Investors May Lose as Congress Saves Money on Adviser Oversight". Retrieved 14 March 2014.
  20. ^ Labaton, Stephen (January 16, 2009). "S.E.C. Nominee Offers Plan for Tighter Regulation". The New York Times.
  21. ^ Jennifer Liberto (November 26, 2012). "SEC chief Mary Schapiro to step down".
  22. ^ "The SEC — Revitalized, Reformed and Protecting Investors". Retrieved 25 June 2013.
  23. ^ Catherine Hollander (November 27, 2012). "Schapiro Departure Could Slow Dodd-Frank Implementation". National Journal.
  24. ^ Lynch, Sarah N. (2011-05-04). "SEC's Schapiro: can't prevent "flash crash" repeat". Reuters. Retrieved 2021-08-03.
  25. ^ Lynch, Sarah N. (2011-02-04). "SEC eyes flash crash reforms". Reuters. Retrieved 2021-08-03.
  26. ^ Marcy Gordon. "BofA settlement ruling a setback for SEC". Associated Press. Archived from the original on 2011-05-24. Retrieved 2012-03-10.
  27. ^ Scannell, Kara; Rappaport, Liz; Bravin, Jess (September 15, 2009). "Judge Tosses Out Bonus Deal". The Wall Street Journal.
  28. ^ Louise Story (February 23, 2010). "Judge Accepts S.E.C.'s Deal With Bank of America". New York Times. Retrieved 2012-03-10.
  29. ^ Broder, John M. (2010-01-28). "S.E.C. Adds Climate Risk to Disclosure List". The New York Times. ISSN 0362-4331. Retrieved 2021-08-03.
  30. ^ "Statement by President Obama on the Departure of SEC Chairman Mary Schapiro". November 26, 2012 – via National Archives.
  31. ^ Julie May (August 11, 2014). "Promontory to oversee CBA's advice review program". Financial Observer.
  32. ^ "WWS Calendar Mary Schapiro". Woodrow Wilson School of Public and International Affairs. February 26, 2014. Archived from the original on October 12, 2014. Retrieved October 7, 2014.
  33. ^ Maxwell, Hayley (2018-10-12). "Former SEC head resigns from LSEG board to join Bloomberg". The Trade. Retrieved 2021-08-03.
  34. ^ "Climate change and financial market regulations: Insights from BlackRock CEO Larry Fink and former SEC Chair Mary Schapiro". Brookings. 2021-01-22. Retrieved 2021-08-03.
  35. ^ "Bloomberg L.P. Names Mary Schapiro Vice Chair for Public Policy and Special Advisor to the Founder and Chairman". Bloomberg News. 2018-10-11. Retrieved 2021-08-03.
  36. ^ Schapiro, Mary (2021-01-29). "Markets Want Climate Risk Disclosure. Time to Give It to Them". Barrons. Retrieved 2021-08-03.
  37. ^ "Members, Task Force on Climate-Related Financial Disclosures". Task Force on Climate-Related Financial Disclosures. Retrieved 2021-08-03.
  38. ^ Murray, Sarah (2021-05-13). "Measuring what matters: The scramble to set standards for sustainable business". Financial Times. Retrieved 2021-08-16.
  39. ^ Mair, Vibeka (2021-06-09). "The time has come for mandatory disclosure: Mary Schapiro on the historic G7 announcement on TCFD reporting". Responsible Investor. Retrieved 2021-08-16.
  40. ^ "G7 Finance Ministers & Central Bank Governors Communiqué". U.S. Department of the Treasury. Retrieved 2021-08-16.
  41. ^ "G20 Finance Ministers and Central Bank Governors Communiqué". U.S. Department of the Treasury. Retrieved 2021-08-16.
  42. ^ Holder, Dieter; Sardon, Maitane (2021-06-07). "G-7 Calls for Making Climate-Change Reporting Compulsory". Wall Street Journal. ISSN 0099-9660. Retrieved 2021-08-16.
  43. ^ Tett, Gillian; Nauman, Billy; Temple-West, Patrick (9 June 2021). "Why G7 backing TCFD is 'enormously important'". Financial Times. Retrieved 4 January 2024.
  44. ^ Brooksbank, Daniel (2014-05-01). "Schapiro and Bloomberg take helm at Sustainability Accounting Standards Board". Responsible Investor. Retrieved 2021-08-16.
  45. ^ Byrne, Caroline (2020-11-30). "SASB and IIRC merger targets simplified sustainability disclosure". Corporate Secretary. Retrieved 2021-08-16.
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  47. ^ "Mary Schapiro". The Working Group on U.S. RMB Trading and Clearing. 2021-01-01. Retrieved 2021-08-16.
  48. ^ "Q&A: Why should you use renminbi?". China Business Review. 2016-06-30. Retrieved 2021-08-16.
  49. ^ Fox, Emily Jane (11 March 2013). "GE nominates Mary Schapiro to board". CNNMoney.
  50. ^ Bray, Chad (11 June 2015). "Mary Schapiro to Join London Stock Exchange Board". The New York Times – via
  51. ^ CVS Health news release, "CVS Health Stockholders Elect Former SEC Chairman Mary L. Schapiro as New Director at Annual Meeting," May 10, 2017.
  52. ^ Flitter, Emily (2018-06-26). "Morgan Stanley Adds Former S.E.C. Chairwoman to Its Board". The New York Times. ISSN 0362-4331. Retrieved 2021-08-03.
  53. ^ "Mary Shapiro among three named to advice HKEx". The Standard. 2019-02-21. Retrieved 2021-08-03.
  54. ^ "Franklin & Marshall – Board of Trustees". Retrieved 2021-08-03.
  55. ^ Clarity, E. S. G. (2023-07-21). "GFANZ vice-chair and Columbia professor win green finance prizes". ESG Clarity. Retrieved 2024-01-04.
  56. ^ December 2023, Adva Saldinger // 01 (2023-12-01). "Exclusive: Bloomberg, GFANZ launch climate finance capacity coalition". Devex. Retrieved 2024-01-04.((cite web)): CS1 maint: numeric names: authors list (link)
  57. ^ "Global Capacity Building Coalition: Development banks and private sector launch new push to boost climate finance". 2023-12-01. Retrieved 2024-01-04.
  58. ^ David A. Walker, introduction to a speech on "The Challenge of Regulation" by Schapiro, Archived 2008-07-07 at the Wayback Machine
  59. ^ "Mary Schapiro's Acceptance of Nomination as SEC Chairman -". Archived from the original on 2016-08-20. Retrieved 2016-08-09.
  60. ^ "Board of Directors - Humane Rescue Alliance".
  61. ^ "Council on Foreign Relations". Council on Foreign Relations. Retrieved 2021-08-03.
Political offices Preceded byRichard Breeden Chair of the Securities and Exchange CommissionActing 1993 Succeeded byArthur Levitt Preceded byBarbara HolumActing Chair of the Commodity Futures Trading Commission 1994–1996 Succeeded byJohn TullActing Preceded byChristopher Cox Chair of the Securities and Exchange Commission 2009–2012 Succeeded byElisse Walter