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President Barack Obama plans to nominate Securities and Exchange Commissioner Elisse Walter as chairman of the agency, according to a White House statement Monday. The news comes after the commission’s chief, Mary Schapiro, announced she plans to step down Monday. “I am also pleased to designate Elisse Walter as SEC Chairman after Mary’s departure. I’m confident that Elisse’s years of experience will serve her well in her new position, and I’m grateful she has agreed to help lead the agency,” Obama said in a statement. Obama also said he wanted to express his “deep gratitude” to Schapiro for taking the job in 2009. Walter is a Democrat on the SEC’s five-member panel.

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