Before arriving at the SEC, Schapiro was the CEO for the Financial Industry Regulatory Authority (FINRA). This is the largest regulator in a non-government classification that regulates securities firms that do business with the American public. Before rising to the top with FINRA, she served as a commissioner with the SEC for six years. To fill this capacity, President Ronald Reagan first appointed her and then President George H.W. Bush continued the appointment in the late 1980s. During President Clinton's presidency, she was once again appointed an impressive role as Chairman of the Commodity Futures Tradition Commission.
Schapiro graduated from Franklin and Marshall College in Pennsylvania. From there, she was accepted to and graduated from George Washington University in 1980 with her J.D. with honors.
Currently, Chairman Schapiro remains an active member of the International Organization of Securities Commission and in 2009 she was ranked as the 56th most powerful woman in the world by Forbes. In the past, she has been rumored to have a close friendship with the Bernard Madoff family, though she has denied it. Still, she appointed Bernard Madoff's son, Mark, to the National Adjudicators Council and has ties with Bernard Madoff's niece, Shana Madoff. In December 2010, Mark Madoff committed suicide by hanging himself in his New York City apartment.
In 2009, Schapiro came under fire for failing to bring reforms quickly following the Bernard Madoff $65 billion Ponzi scheme. Instead of cracking down on regulations, she instead settled for ''something less sweeping'', as Bloomberg reported. Between 2008 and 2009, the number of American fund managers who were required to submit to unannounced audits dropped by 83%. Some say in the wake of the Madoff scandal, this was ill-advised. It was only one of several things she found herself on the hot seat for and forced to be defensive. In an interview then with Bloomberg, Shapiro said, ''I've been driving people very, very hard in this building. We just don't have the capacity to move any faster, though we're still at, I think, a very good pace''. She remains focused and determined in her efforts of reform.
