WASHINGTON - President-elect Barack Obama formally announced yesterday that he will nominate Mary Schapiro, the chief executive officer of the Financial Industry Regulatory Authority, to become chairman of the Securities and Exchange Commission.

At a press conference in Chicago, Obama also announced that he will nominate Gary Gensler, a former Treasury official who spearheaded the transition team's search for a successor to outgoing SEC chairman Christopher Cox, to head the Commodity Futures Trading Commission. In addition, he said he will tap Daniel K. Tarullo, a professor at Georgetown University Law Center, to fill an open slot on the Federal Reserve Board of Governors. Once nominated, all three would have to be approved by the Senate.

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