Trump to nominate Wall Street lawyer Clayton to lead SEC

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By Sarah N. Lynch and Doina Chiacu

“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 in a statement.

“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 is a partner in the New York office of law firm
Sullivan & Cromwell who 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 has worked for high-profile clients, including the
initial public offerings of Alibaba Group Holding Company and Oaktree Capital Group.

During the height of the 2008 financial crisis, Clayton also
worked on major deals involving big banks, including Barclays
Capital’s acquisition of Lehman Brothers’ assets, the
sale of Bear Stearns to JP Morgan Chase, and the U.S.
Treasury Department’s capital investment in Goldman Sachs
, according to his law firm’s website.

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.

Many Republicans in recent years have criticized the SEC for
focusing too much on enforcement, and not enough on its other
missions, which include writing rules that help promote capital
formation.

“In light of Jay’s vast experience in capital formation, his appointment as SEC Chair is a strong positive signal the
economy is a top priority of President-elect Trump and his team,
and that the SEC will work together with Main Street to meet the
country’s economic goals of full employment and healthy growth,”
said Jonathan Macey, a professor at the Yale Law School.



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