Updated Tuesday, September 2, 2014 as of 12:49 PM ET

Walter Steps Out of Schapiro Shadow Into SEC Chairmanship

On the other hand, there were signs her tenure might be extended. She went through a new FBI background check several months ago, according to two people interviewed by the agents, and her official photo was recently updated.

One Dissent

While Walter voted with Schapiro most of the time, her dissent on a rule requiring brokerages to build a single system for monitoring trading activity has led some observers to think she may forge a more pro-regulation path than Schapiro. In that rule, passed in July, Schapiro sided with Republican Commissioners Daniel Gallagher and Troy Paredes to support an industry-backed solution that allowed for some trades to be reported the following day.

Walter wanted the information to be recorded in real time. She called the rule “an overly cautious approach” that would “ensure that the industry remains one step or one day ahead of the regulators.”

In her February speech, Walter also gave some insight into how she may act as chairman, telling the group that “for me, it is critical to put the agency first and my personal views second.”

That means, she said, “considering carefully when to compromise and when to hold fast; when to speak and when to hold my tongue; and when to dissent,” as well as “working to complete the tasks that Congress and the president assign to us through legislation, regardless of our personal feelings about those tasks.”

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