Trump Nominates Jay Clayton Chairman of the SEC
On Wednesday, President-elect Donald Trump announced that he will nominate Sullivan & Cromwell partner, Jay Clayton, to head the Securities and Exchange Commission.
Speculation has been swirling in recent weeks as to who will replace Mary Jo White after she announced her resignation in November. Trump’s team had been tight lipped until yesterday when it was announced that the Wall Street lawyer would take the helm at the agency, if his nomination is confirmed by the Senate.
“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,” said President-elect Trump. “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.”
Trump has advocated for financial deregulation, specifically relating to the Dodd-Frank Act, and appointed Patomak Global Partners CEO Paul Atkins to lead his transition team for financial regulatory appointments. Atkins is a former SEC commissioner appointed by George W. Bush.
Clayton has experience advising on public and private mergers and acquisitions transactions, capital markets offerings, regulatory and enforcement proceedings, and other matters. He has authored multiple publications on regulatory law, and has been an adjunct professor at the University of Pennsylvania School of Law. Clayton received a bachelor’s in engineering from the University of Pennsylvania in 1988 and a bachelor’s in economics from the University of Cambridge in 1990. He received his juris doctor from the University of Pennsylvania School of Law in 1993.
