November spells end of term for Shulman

The United States Commissioner for Internal Revenue Douglas “Doug” Shulman will step down from his position at the IRS on the last day of his term, which is on the 9th of November this year. Having served since his nomination back in March of 2008, the 47th IRS Commissioner has made plans to step down at this point in time. According to law, an IRS Commissioner who is nominated by the United States President, and consequently confirmed by the United Stated Senate, can serve a term of up to 5 years, ending on the 12th of November on their last term year. In Shulman’s case, since November 12 has been declared a federal holiday, his last day of work will be on November 9.

Before serving the country through the IRS, he began his career at a consulting firm in New York. Shulman has formerly held some very important positions in the country’s top institutions as well. He is a former Chairman for FINRA (Financial Industry Regulatory Authority – NASD) and a former board member of the DTCC (Depository Trust and Clearing Corporation).

While in NASD, he led numerous efforts toward modernizing NASD’s technology systems in order to optimize its functions. He also launched NASD’s TRACE (Trade Reporting and Compliance Engine) which served as NASD’s regulatory and informational system for real-time corporate bonds. One of his most notable accomplishments was having successfully negotiated the sale of the American Stock Exchange as well as the NASDAQ Stock Market.