0 votes

Former SEC Chairman Mary Schapiro joins Washington-based Promontory Financial

Former top financial watchdog Mary Schapiro has become the latest official to trade a government role for a private sector job advising the industry she was charged with regulating.

Schapiro, 57, who was chairman of the Securities and Exchange Commission (SEC) for nearly four years, is joining Promontory Financial, a Washington-based firm whose clients include some of the world's largest banks and other financial services companies.

The appointment is likely to anger critics of the so-called "revolving door" between US regulators and their former charges. Senator Elizabeth Warren, among others, has blamed "regulatory capture" for many of the problems experienced by the financial services industry in recent years.