Crawford stepping down as Texas' top securities cop

The Texas State Securities Board today announced that Denise Voigt Crawford, Texas' securities commissioner, will retire Feb. 28. Ms. Crawford, 56, who's held the top post in Texas for 17 years, has also served two stints as president of the North American Securities Administrators Association Inc., which represents state securities regulators. The securities board will consider candidates for the commissioner spot during a Feb. 16 meeting. During her 2009 term as NASAA's president, Ms. Crawford helped states get more authority over investment advisers as part of the Dodd-Frank Act. In addition, NASAA pushed to apply a fiduciary duty to brokers. While urging Congress to preserve state powers, Ms. Crawford at times has been critical of federal regulators. "I've been eligible to retire for some time," she said in an interview. "I just felt that finally this was the right time." Deputy securities commissioner John Morgan will also retire Feb. 28, "to give the new securities commissioner the opportunity to choose his or her deputy," according to a statement. The securities board comes up for a "sunset review" in 2013, Ms. Crawford said, and by stepping aside now, a new commissioner will have time "to establish relationships with the folks who make those [sunset review] decisions." Under Texas law, government agencies are reviewed once every 12 years to assess the need for their continued existence. The decision was to "retire now or wait two more years" for the review, Ms. Crawford added. "I really didn't want to commit for two more years," she said.