Voice of Experience: Elisse B. Walter, Commissioner, Securities and Exchange Commission
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“We are still at a juncture in time where it’s very important for senior women to be a resource both for other women and men,” said Elisse B. Walter, Commissioner for the Securities and Exchange Commission.
In describing her life and career, it’s clear that Commissioner Walter cherishes her position as a role model and a leader. She enthusiastically articulates the importance of guiding other women coming up the ranks.
And with over thirty years in public service, she has experience to share. Her advice for women working to advance in their careers: “Charge ahead.”
A Career Path in Public Service
Walter started her education at Pembroke College in Brown University, studying applied mathematics. When Yale went co-ed, she transferred to the University to study theoretical math, but soon found herself yearning for a career doing something more concrete. “Then I ended up at Harvard Law,” she said.
“I wanted to be a civil rights lawyer,” she explained. “I always wanted to be in public service.” After graduating, Walter began working for a private law firm and eventually transferred to the corporate securities group. But only a few years later, her desire to be in the public service led her to the Securities and Exchange Commission (SEC). Walter served as Deputy Director of the SEC’s Division of Corporation Finance for eight years and worked with now-SEC Chairman Mary Schapiro, who was then an SEC Commissioner.
“When she [Schapiro] left [the SEC] to become Chairman of the CFTC [Commodity Futures Trading Commission], I was pleased that she asked me join her. And when Mary left the CFTC for the NASD [National Association of Securities Dealers, which later became the Financial Industry Regulatory Authority, or FINRA], I moved with her again,” she explained.
Walter became Senior Executive Vice President, Regulatory Policy & Programs, for FINRA, and in 2008, returned to the SEC as a Commissioner.
“We’ve been in a maelstrom since I got here,” she said. Walter cites making sure the markets are on sound footing, as well as restoring investor confidence as the focus of her work at the SEC.
“I’ve spent thirty-plus years as a regulator,” Walter explained. “I think the professional achievement I’m most proud of was getting appointed as a Commissioner at the SEC. It’s the job I always wanted to have. I’m not a terribly political person; you have to be appointed by the President and approved by the Senate. I thought I would never get it. I’m delighted to be here.”
She continued, “This achievement is second to my two children, of course!”
Looking toward the future, she said, “Hopefully I’ll be sitting on my deck in Maine. When my term is up, I’d like to be retired, but not completely retired, working part time in the public interest or on corporate boards, in the governance field.”
Women in the Securities Industry
Walter says women don’t face the same kinds of challenges on her side of the securities industry as they do in the private sector. “The government is a meritocracy,” she stated. After all, she said, “three out of five of the SEC’s commissioners are women. But this is not true in the industry we regulate.” Walter cited the need for more women in top roles at their companies to serve as role models for the women coming up the ranks. “It’s getting better, but we’ve got a long way to go,” she said.
Walter says that work/life balance can be a struggle. “It often seems like slighting both sides of the equation at various points,” she explained. “I continued to work full time while raising my family,” she said, but always made it clear that her family came first. “Everybody has to decide the right balance for them,” she said.
Walter believes that women in leadership positions should serve as an example. “We need not to be shy,” when explaining work/life needs in the workplace. “Be very forthcoming,” she said. “I would not only say when I had to leave early, but I also said why. This makes it easier for the next person.”
She said, “Many employers have come to realize that they’re better off with people who are well balanced. If you care about your family, you are also likely to care about your job.”
“In the past, there was a commonly-held impression that women had to be like men to succeed. It’s important not to give into that impression. Make the choices you need to make for your life and family.” She continued, “You shouldn’t have to sacrifice yourself or your family. If you always feel like you’re working too hard, that’s probably true.”
“And that goes for men too. When my children were born, paternity leave was unheard of.” Walter explained that her husband had taken time off work to care for their infant son when she had gone on a business trip. “He was treated as if he were crazy, but today that wouldn’t be seen as out of the ordinary.” She continued, “Younger people today – both men and women – are struggling with work/life issues.”
She continued, “The informal networks are the most important. Any number of much younger women poke their heads into my office, asking questions about work/life balance, their children, their work. I was able to take advantage, as well, of women in leadership positions at the Commission when I was young.”
“I think it is very important for people to know that there is support at the top.”
Many Points of Inspiration
Walter is able to describe several role models, and often draws on those around her for inspiration. The first two individuals she mentioned parallel her approach to effecting change – being action-oriented while at the same time maintaining a firm grounding in the facts. She said, “I was very lucky – I started my career in private practice, and there were two partners with whom I worked. They couldn’t have been more different. The first was a very effective rain-maker. The second was very much the scholar. I was able to choose parts of each that were right for me.”
Walter also discussed her mentor, former SEC Commissioner Irv Pollack, as an inspiration. “He’s 92 years old, and was the first head of the enforcement division. He’s the voice of common sense and integrity. He could always see straight through to the core of an issue. I always said ‘I wanted to be Irv Pollack when I grew up, but wanted to be a girl.’”
“He’s still working, which is not something I aspire to at that age, but I’m very proud that he’s able to do so. He’s also a great speaker; he’s able to extemporize without notes and draw upon his vast wealth of experience,” she said.
And finally, Walter discussed her admiration for the current Chair of the SEC, Mary Schapiro. She joked, “It’s always awkward to say I’m inspired by someone younger than me!”
“She’s an effective spokesperson for this agency. She has a great grasp of the details without getting mired in them; and she really understands all the underlying issues. It’s been great working with her.”
Walter also discussed her participation in the DirectWomen Institute, an organization promoting the cause of women as potential corporate directors. While she was in the first class of DirectWomen, “I very quickly got this job as an SEC Commissioner, and was out of the running for corporate directorships. But, I was able to meet women from all over the country who are now in senior, corporate, and board positions.”
She continued, “Although we’ve come a long way, I see the value of programs that award special distinctions to women.” Walter is a member of the Academy of Women Achievers of the YWCA of the City of New York.
“I’m also very interested in investor education issues,” she said. “Last fall, our women’s committee held a collection drive to provide 15 elementary schools across the country with games and books related to financial literacy. Separate and apart from the collection drive, a number of SEC employees and Commissioners, including myself, taught a basic financial literacy course at these elementary schools. I would like to do more once I retire.”
Before stepping into her role as Commissioner, she said, “I did serve on non-profit boards before I came here. I served on the board of the SEC Historical Society, as well as Jewish Women International, which deals with family violence issues.” In her spare time, Walter said, “I like to travel, but I don’t do enough of it. Both of my boys are in California. I love to read, and I also like playing computer games.”
