Washington, D.C., Dec. 23, 2010 — The following is a statement from SEC Chairman Mary L. Schapiro regarding today's announcement by the Board of Trustees of the Financial Accounting Foundation that the Financial Accounting Standards Board (FASB) has appointed Leslie F. Seidman as FASB Chairman, effective immediately. Ms. Seidman has been a FASB member since July 2003 and has served as Acting Chairman since Oct. 1, 2010.
"I welcome the appointment of Ms. Seidman as FASB Chairman and would like to commend her for her continued service. Her experience will facilitate the progress of important initiatives on the FASB agenda as they seek to continually improve the quality of financial reporting standards for the benefit of investors."