We have just learned that President-elect Donald J. Trump will nominate Wall Street lawyer Jay Clayton to chair the all-important Securities and Exchange Commission.
Donald Trump announces official plans to nominate Jay Clayton as chairman of the SEC. Our story from last night: https://t.co/vfsNQz3w7h
— WSJ Financial Reg (@WSJFinReg) January 4, 2017
Here’s Trump’s official statement announcing the nomination:
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. 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.
Clayton has worked with high-profile clients including Goldman Sachs Group Inc. and Barclays Capital Inc., and if approved will succeed current SEC Chairman Mary Jo White, who also has a history of representing Wall Street Banks before becoming a regulator.
From The Wall Street Journal:
Mr. Trump has also considered Debra Wong Yang, who served as a U.S. attorney during the administration of former President George W. Bush, for the role of chairman. Mr. Clayton appears to have surpassed Ms. Yang, a partner at Gibson Dunn & Crutcher LLP based in Los Angeles, as the most likely candidate to run the SEC, which oversees the $27 trillion U.S. equity market. Mr. Clayton has spent his career working on the kinds of securities deals that the SEC has a hand in regulating.
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Mr. Clayton would become the latest Trump appointee with longstanding Wall Street ties, joining former Goldman executive Steven Mnuchin, Mr. Trump’s choice for Treasury secretary; former Goldman President Gary Cohn, who will run the National Economic Council; and private-equity investor Wilbur Ross, the pick to head the Commerce Department.
Republicans have long-criticized the Obama administration’s over-regulation of Wall Street, arguing that it has crippled business growth and investment, so the nomination of Clayton should receive strong support from the GOP-controlled Senate.
Throughout the campaign, President-elect Trump promised to help free up both Wall Street and American businesses from the crippling Obama regulations that have hindered economic growth. Trump’s nomination of Jay Clayton to head the SEC signals that he plans to keep his campaign promises and return America to economic prosperity.
Do you think Trump’s pro-business SEC nominee will help the American economy? Share your thoughts below!