Elisse B. Walter

Commissioner with the Securities and Exchange Commission (since July 2008)

Why She Matters

On July 9, 2008, President George W. Bush nominated Walter to be a commissioner of the Securities and Exchange Commission, filling the position of Annette L. Nazareth, who left the commission in January 2008 to work in private practice. Walter will serve out a term ending in 2012.

A former senior executive vice president for regulatory policy and programs at the Financial Industry Regulatory Authority (FINRA), the nation's regulator of securities firms, in Washington, D.C. Walter spent much of her career at the SEC and financial industry regulation entities.

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Background

At a Glance

Career History: Senior executive vice president for regulatory policy and programs, FINRA (formerly NASD), Washington, D.C. (1996 to 2008); General Counsel, Commodities Futures Trading Commission, Washington, D.C. (1994 to 1996); Appellate legislator, counselor, legislative drafter and policy adviser, Securities and Exchange Commission, Washington, D.C. (1977 to 1994)
Birthday: April 14, 1950
Hometown: Bethesda, Md.
Alma Mater: Yale University, B.A. (cum laude, mathematics), 1971; Harvard University, J.D. (cum laude), 1974
Spouse: Ronald Alan Stern

Religion: not available
DC Office: 100 F St. NE, 202-551-2800
Email
Web site

Path to Power

Born April 14, 1950, in New York City, Walter was raised by her mother and father, a language teacher and accountant. Her two childhood dreams were to become a translator for the United Nations and a mathematician.

She enrolled at Pembroke College, Brown University's women's college, in 1967 and graduated cum laude from Yale University with a bachelor's degree in mathematics in 1971. Citing the "politically turbulent times," Walters changed career plans and enrolled in law school, graduating cum laude from Harvard University's law school in 1974.

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The Issues

In August 2008at an opening meeting of the SEC, Walter expressed her support for the implementation of International Financial Reporting Standards for U.S. companies, but cautioned that a ruling from the SEC was far from finalized.

"Most important, we have to keep in mind that no one knows for certain what the future will hold," she said. "I strongly believe that we have to prepare for the alternative that the Commission will determine not to adopt, or permit the use of, IFRS for U.S. issuers.there are significant hurdles to overcome over the next three years in order for the Commission to determine to accept IFRS reporting from U.S. issuers."

The Network

Senate Majority Leader Harry M. Reid (D-Nev.) recommended Walter for her job in 2007, as did fellow SEC commissioner Luis A. Aguilar. She works at the SEC with fellow commissioners, Aguilar, Kathleen L. Casey and Troy A. Paredes and Christopher Cox, the commission's chairman.

Walter's husband, Ronald A. Stern, serves as the chief anti-trust attorney for General Electric Co., making him the Washington-based vice president and senior competition counsel for the largest diversied financial company in the U.S.

Campaign Contributions

Walter is a Democratic Party donor, giving the maximum allowable $2,300 campaign contributions to President Barack Obama and his one-time opponent, incoming Secretary of State and former New York Sen. Hillary Rodham Clinton (D-N.Y.), in 2007.

Walter has also given money to the Democratic National Committee.

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