From CNBC's John Harwood and NBC's Savannah Guthrie
Mary Schapiro will be named tomorrow as Obama's pick to head the Securities and Exchange Commission.
Schapiro, who heads the Financial Industry Regulatory Authority, is well regarded and thought of as a tough regulator, but she could also be viewed as too much of an insider.
She has served under both Presidents Clinton and Bush, as chairman of the federal Commodity Futures Trading Commission (appointed in 1994) and in January of this year, was appointed by Bush to the President's Advisory Council on Financial Literacy.
She has also served on the SEC and headed the National Association Of Securities Dealers.