Former SEC Chief Mary Schapiro Is Joining 'Shadow Regulator' Promontory Financial Group

Former Securities and Exchange Commission chairwoman Mary Schapiro is joining private consultancy firm that has developed a reputation as a shadow regulator, the Wall Street Journal reports.

She join Promontory Financial Group as a managing director in their Washington, D.C. offices, the report said.

Schapiro told the Journal that it's "no revolving door" and she won't be going back to the government. She also said she will never appear at a government agency on behalf of a client, the report said.

Schapiro has held major regulatory positions including head of the SEC, FINRA and the CFTC.