The Securities and Exchange Commission (SEC) was set up by President Roosevelt in 1934 in an effort to restore confidence in the financial markets.

Yesterday, Barack Obama, the president-elect, appointed Mary Schapiro as 29th chairman of the SEC.

She takes on the role at a critical time for the regulator, which was already under fire over its handling of the financial crisis and now faces serious questions over how Bernard Madoff was able to carry on a $50 billion Ponzi scheme.

Mr Madoff set up his business in 1960; since then 16 SEC chairmen have come and gone and, with them, several disasters.

Christopher Cox, 2005 to present

28th chairman of the SEC

Former Republican Congressman for California

William H. Donaldson, 2003 - 2005

Former roles include Under Secretary of State for International Security Affairs in the Nixon Administration and chairman and chief executive of the New York Stock Exchange

Harvey Pitt, 2001- 2003

Resigned amid what he himself called "the turmoil surrounding my chairmanship". Led SEC in restoring securities markets following the terrorist attacks of September 11 but was later criticised by Democrats for close ties to the accounting industry and accusations that the SEC failed to spot malpractice at Enron

Arthur Levitt, 1993 - 2001

Longest serving chairman of the SEC

Bernard Madoff said to be "an admirer" of Levitt's

Now a senior adviser at Carlyle Group, the private equity firm

Richard C. Breeden, 1989 - 1993

Appointed as corporate monitor of WorldCom in 2002, overseeing the case of what was then the largest fraud in corporate history and America's biggest bankruptcy

David Sturtevant Ruder, 1987 - 1989

Professor of Law at Northwestern University School of Law, 1965-1994

John H.R. Shad, 1981 - 1987

As head of the SEC, he said he wanted to spend a third of his life earning, a third learning, and a third serving

Went on to become US Ambassador to the Netherlands

Harold M. Williams, 1977 - 1981

Went on to become chairman and chief executive of the J Paul Getty Trust in 1981

Roderick M. Hills, 1975 - 1977

Previously a lecturer in law at Stanford Law School and professor at Harvard Law School

Ray Garrett, Jr, 1973 - 1975

Credited by some with re-establishing trust in the SEC

Spearheaded some of the toughest legislation in recent times

G. Bradford Cook, 1973

Youngest man to head a federal regulatory agency but resigned in disgrace just 10 weeks after he took office when it emerged that he had altered a complaint against Robert Vesco, a financier accused of securities fraud, following discussions with Maurice Stans, President Nixon's chief fundraiser

William Casey, 1971 - 1973

Decorated for his work in co-ordinating French Resistance forces ahead of the D-Day landings during the Second World War. Later director of Ronald Reagan's presidential campaign in 1980

Hamer H. Budge, 1969 - 1971

Known as "Judge Budge" after serving as a state district judge in his home state of Idaho between 1961 and 1964

Manuel F. Cohen, 1964 - 1969

William L. Cary, 1961 - 1964

Appointed by President Kennedy; subjected Wall Street to some of the toughest scrutiny since the SEC was established in 1934

Edward N. Gadsby, 1957 - 1961

Head of the exchange when Bernard Madoff set up his securities business, Bernard L. Madoff, in 1960

Times Recommends

• Minister in talks with Saudis to protect creditors
• Premier Inn hits back in £29-a-room row
• Bankers hit back at 'populist' bonus supertax