Choice For SEC Chief Is Lauded

Reston , Va. — NAVA, the association for insured retirement solutions, is praising the selection of former Securities and Exchange Commissioner Mary Schapiro to lead the Securities and Exchange Commission (SEC).

“Ms. Schapiro will bring to the table exactly what the SEC needs at this crucial moment for ’s investors,” says Cathy Weatherford, NAVA president and CEO. “She has demonstrated extraordinary leadership at all three investor protection agencies—Financial Industry Regulatory Authority (FINRA), Commodities Futures Trading Commission (CFTC), and the SEC.”

Shapiro’s strident approach may not endear her to proponents of state regulation; however, Weatherford says the appointment of Schapiro will help restore investor confidence in the annuities market.

“With the global economic crisis affecting all Americans and consumer confidence plummeting, increased oversight is in order,” Weatherford says. “It is imperative that we recover the trust of the 75 million baby boomers fast approaching retirement and seeking financial investments to provide them with income to live securely in retirement. With leaders such as Mary Schapiro, we will make the solid progress that is needed to restore credibility and confidence in the financial system.”

Source: NAVA