Trump nominates BigLaw banking lawyer to head SEC
Donald Trump has tapped Sullivan & Cromwell partner Jay Clayton to head the Securities and Exchange Commission.
Clayton had represented Goldman Sachs in connection with its bailout during the financial crisis, report the Washington Post, the Wall Street Journal (sub. req.) and Bloomberg News. He has also represented investment firms such as the Och-Ziff Capital Management Group and Oaktree Capital Group. His law firm bio also lists work in mergers and acquisitions and initial public offerings.
Clayton would replace current SEC chair Mary Jo White, who has already announced plans to leave the agency.
According to the Washington Post, Clayton could play an important role in Trump’s efforts to dismantle part of the 2010 financial reform law, the Dodd-Frank Act.
Reuters published Trump’s statement about his choice. “Jay Clayton is a highly talented expert on many aspects of financial and regulatory law, and he will ensure our financial institutions can thrive and create jobs while playing by the rules at the same time,” Trump said.
“We need to undo many regulations which have stifled investment in American businesses, and restore oversight of the financial industry in a way that does not harm American workers.”
