A former chairwoman of the Securities and Exchange Commission was named on Tuesday to the board of Morgan Stanley, the latest in a series of moves the bank has made to bolster its brokerage business.
The new board member, Mary L. Schapiro, led the commission from 2009 to 2012 after her appointment by President Barack Obama. She will join the Morgan Stanley board effective Sunday.
Morgan Stanley’s chief executive, James P. Gorman, has said he sees in his sprawling network of financial advisers a steadier source of growth than the more uncertain businesses of trading and investment banking. Wealth management accounts for almost half the bank’s total revenue.
Ms. Schapiro has held several top regulatory posts relevant to the brokerage business. In the 1990s, she was the chairwoman of the Commodity Futures Trading Commission under President Bill Clinton. She also spent three years as chairwoman and chief executive of the Financial Industry Regulatory Authority, an industry self-regulatory watchdog that oversees financial brokers.
“Her leadership experience at the S.E.C., Finra and C.F.T.C. brings strong finance, risk management and regulatory expertise to the firm,” Mr. Gorman said in a statement. “The board, our management and our shareholders will benefit greatly from her extensive experience in government and public policy.”
Ms. Schapiro, who is also the vice chairwoman of Promontory Financial Group’s advisory board and a member of the board of CVS Health, had no comment Tuesday evening.