Trump to Nominate Jay Clayton as SEC Chairman
President-elect Donald Trump said he intends to nominate Walter "Jay" Clayton, a partner with the New York-based law firm Sullivan & Cromwell, to lead the U.S. Securities and Exchange Commission.
On Wednesday, President-elect Donald Trump said he intends to nominate Walter “Jay” Clayton, a partner with the New York-based law firm Sullivan & Cromwell, to lead the U.S. Securities and Exchange Commission.
Clayton would succeed SEC Chairman May Jo White.
“Clayton will play an important role in unleashing the job-creating power of our economy by encouraging investment in American companies while providing strong oversight of Wall Street and related industries,” a statement disclosing the move by Trump’s transition team said.
According to media reports, Clayton is likely to play a key role in Trump’s efforts to deregulate FINCEN and parts of the 2010 Dodd-Frank Act.
“Clayton will play an important role in unleashing the job-creating power of our economy by encouraging investment in American companies while providing strong oversight of Wall Street and related industries.” statement from Trump’s transition team
“Mr. Clayton would take over the SEC at a time when congressional Republicans are pressuring the agency to loosen fundraising rules for smaller public companies, lighten its oversight of private equity firms, and repeal executive-compensation rules opposed by corporations,” the Wall Street Journal reported.
Clayton specializes in advising clients on public and private mergers and acquisitions and capital-raising efforts. He also helps companies navigate regulatory and enforcement actions, including a number of cases that involved mortgage securities. Clayton’s full biography can be found here.
Reuters said that “by selecting an attorney who is deeply steeped in capital-raising deals, Trump is likely signaling that the SEC will be looking to scale back regulations that some critics see as burdensome and may be hindering corporate growth.”
It is not yet certain when Clayton will be confirmed by members of the Senate.
ACG will continue to keep members apprised of developments.
Amber Landis is vice president of public policy for ACG Global.
