President-elect Barack Obama will name Mary Schapiro to take over the Securities and Exchange Commission.

A Democratic official said Obama chose Schapiro who is currently CEO of the Financial Industry Regulatory Authority. That is the self-policing organization of the securities and brokerage industry.

Previously, Schapiro headed the Commodity Futures Trading Commission,
and served for six years as an SEC commissioner under both
Democratic and Republican presidents.

Schapiro is well respected in Washington circles, and would be
the first woman to hold the SEC job. An official at the Consumer
Federation of America says she would bring "significant
administrative experience."

The SEC is facing growing criticism for its failure to protect
investors.