Mary Schapiro Quotes

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About Mary Schapiro

Mary L. Schapiro, a prominent American economist and public servant, was born on August 7, 1955, in New York City. She grew up in a family with strong roots in academia and public service. Her father, Albert J. Schapiro, was a distinguished professor of psychology at Columbia University, while her mother, Shirley Schapiro, served as President of Mount Holyoke College. Mary Schapiro's academic journey began at Barnard College where she graduated magna cum laude with a Bachelor of Arts degree in Economics and Political Science. She furthered her education at the University of Chicago, earning a Master's Degree in Public Policy and a Ph.D. in Business Economics. Schapiro's career has been marked by significant contributions to finance regulation and policy. She started her professional journey as an economist with the U.S. Securities and Exchange Commission (SEC) during the Reagan Administration. Later, she served as a member of the President's Council of Economic Advisers under President Bill Clinton. In 2009, Schapiro was appointed by President Barack Obama as the Chair of the SEC, becoming the first woman to hold this position. During her tenure, she implemented reforms aimed at preventing another financial crisis, such as the Dodd-Frank Wall Street Reform and Consumer Protection Act. After leaving the SEC in 2012, Schapiro served as the Director of the University of Chicago Harris School of Public Policy Studies and as a Professor of Law at the University of Chicago Law School. She has been a member of numerous corporate boards and currently serves as a Senior Advisor at Promontory Financial Group. Throughout her career, Mary Schapiro has been recognized for her contributions to public service and finance regulation. Her insights on financial markets, policy, and regulation continue to influence contemporary discussions in these fields.

Interpretations of Popular Quotes

"Regulation is essential for promoting fairness, transparency, and efficiency in our financial markets."

Mary Schapiro's quote emphasizes that regulation plays a crucial role in ensuring fairness, transparency, and efficiency within financial markets. By establishing rules, regulations aim to prevent fraudulent activities, maintain market integrity, and encourage a level playing field for all participants. This transparency fosters trust among investors, which is vital for market stability and growth. Efficiency in the markets refers to minimizing costs, reducing delays, and streamlining transactions, which regulation can help achieve by standardizing practices and promoting competition. Ultimately, fair regulations contribute to the overall health and resilience of financial systems.

"We can't have a situation where Wall Street takes risks with Main Street's money without Main Street knowing what those risks are."

This quote by Mary Schapiro emphasizes the importance of transparency in the financial sector, particularly between investment institutions (Wall Street) and individual investors or the general public (Main Street). She implies that it is not fair for Wall Street to take financial risks with the money of ordinary people without disclosing these risks. The idea is to ensure that every investor, regardless of their resources or expertise, understands the potential risks associated with their investments, enabling them to make informed decisions and avoid unnecessary losses.

"Investor protection and market integrity are at the heart of the SEC's mission."

This quote underscores the primary focus of the U.S. Securities and Exchange Commission (SEC), which is to safeguard investors by ensuring their investments are secure and transparent, and to maintain fairness and order in the financial markets. Essentially, it implies that the SEC exists to protect individuals investing in securities from potential fraud or misrepresentation, while also maintaining a level playing field for all market participants. This, in turn, fosters trust and stability within the economy.

"Transparency is fundamental to investor protection, market integrity, and financial stability."

This quote by Mary Schapiro emphasizes the critical role transparency plays in maintaining trust and order within the financial markets. Transparency ensures that investors have access to accurate and complete information about financial products and transactions, which enables them to make informed decisions. The openness provided by transparency also contributes to market integrity as it helps prevent fraudulent activities and promotes fair competition. Furthermore, transparency is crucial for financial stability because it helps regulators monitor the market effectively, thereby reducing systemic risks. In essence, transparency acts as a cornerstone of investor protection, market integrity, and financial stability.

"The SEC must adapt to meet the challenges that confront our markets today and anticipate those that may arise tomorrow."

This quote by Mary Schapiro emphasizes the importance of continuous evolution and forward-thinking in securities regulation, specifically at the U.S. Securities and Exchange Commission (SEC). As the financial landscape evolves, so must the regulatory body that oversees it, to meet current challenges and prepare for future ones. It underscores the role of adaptability and anticipation in ensuring market integrity and investor protection.

We have new rules that give shareholders the ability to vote on executive compensation. We have new rules for asset-backed securities. We have new rules around credit rating agencies.

- Mary Schapiro

New, Give, Rating, Shareholders

There are no absolutes in this world, and there will always be mistakes that are made within brokerage firms; there will always be people who set out to deceive the regulators and even deceive their own senior management.

- Mary Schapiro

Always, Set, Brokerage, Senior

The SEC got more than 100 rules to write under Dodd-Frank, the lion's share of all the agencies. And we've moved, I think, with a tremendous sense of urgency. But it takes a long time to write rules and get them approved by a five-member commission.

- Mary Schapiro

Rules, I Think, Moved, SEC

Under the Dodd-Frank law, the SEC got the lion's share of the rules to write, more than 100 rules, and we have done an extraordinary amount of that. Eighty percent have been either proposed or adopted. So, a lot, a lot accomplished but of course, more to do.

- Mary Schapiro

Rules, Been, Dodd-Frank, SEC

The SEC has actually progressively loosened up the rules and recognized the value of social media, but the goal is always going to be to get information out as broadly as possible as quickly as possible.

- Mary Schapiro

Goal, Always, Social, SEC

It has been an incredibly rewarding experience to work with so many dedicated SEC staff who strive every day to protect investors and ensure our markets operate with integrity.

- Mary Schapiro

Been, Rewarding, Dedicated, SEC

When the SEC needs to be deterring corporate wrongdoing, the 'penalty pilot' program sends the wrong message.

- Mary Schapiro

Pilot, Needs, Corporate, SEC

I came in with the intention of serving as long as it made sense for me to do so. The election was a natural moment to think about whether I wanted to stay longer, and I'm thrilled to turn the reins over to my longtime colleague Elisse Walter.

- Mary Schapiro

Long, Turn, About, Thrilled

Too often, investors are the target of fraudulent schemes disguised as investment opportunities. As you know, if the balance is tipped to the point where investors are not confident that there are appropriate protections, investors will lose confidence in our markets, and capital formation will ultimately be made more difficult and expensive.

- Mary Schapiro

Capital, Appropriate, Disguised

Every morning when I pick up the newspaper and read about an earthquake in Japan or problems in European financial institutions, the first question I ask our staff is 'What is money-market-fund exposure?'

- Mary Schapiro

Question, Newspaper, Read, Earthquake

I don't feel any pressure at all to go along with anybody. I feel pressure to do the right thing for U.S. markets and U.S. investors.

- Mary Schapiro

Go, Feel, Anybody, Investors

In my case, there's no revolving door... I won't be going back to government.

- Mary Schapiro

Government, Door, Going, Revolving

I work on weekends, but from home.

- Mary Schapiro

Work, Home, Weekends

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