Mary Schapiro, chairwoman of the US Securities and Exchange Commission (SEC) will leave office on 14 December, having been in post since January 2009.

Capitol Hill gigs

She has received both praise and criticism for her leadership during the aftermath of the financial crisis, the National Law Journal reports. During her time as chairwoman, Ms Schapiro made nearly 40 appearances to testify on Capitol Hill and was tasked with repairing an agency that had fallen under highly increased scrutiny.
The number of SEC enforcement actions in 2011 peaked at an all-time high of 735, as the agency collected $2.8 billion in penalties. Among changes ushered in under Ms Schapiro was a whistleblower programme, an initiative that many lawyers claim will bear fruit after her departure because of the lag between tips and disciplinary action.
However, Ms Schapiro has been roundly criticised for failing to pursue charges against Wall Street executives implicated in the 2008 crisis.

Replacement

The White House announced that President Barack Obama is planning to appoint Elisse Walter, the current SEC Commissioner, as Ms Shapiro’s acting replacement. Ms Walter previously served as senior executive vice president for regulatory policy and programmes at the Financial Industry Regulatory Authority. It is unclear whether she will be named as an interim or permanent appointment.
Elsewhere in the US, David Kappos, the director of the Patent and Trademark Office, also announced his departure this week. During his three-year stint, Mr Kappos instituted the Leahy-Smith America Invents Act, which significantly reshaped existing patent law, reports The Blog of Legal Times. He was also involved in several influential Supreme Court decisions regarding patents and intellectual property.