Jay Clayton as Next SEC Chairman
January 5, 2016 | by James Sprow | Blue Vault
President-elect Donald Trump plans to nominate Jay Clayton, a partner in Sullivan & Cromwell LLP, to be the next chairman of the Securities and Exchange Commission. Clayton has worked with Wall Street firms to do M&A deals, prepare initial public offerings, and represent companies in regulatory matters. He has done work with the Bear Stearns’ sale to JPMorgan Chase & Co., as well as IPOs for Ally Financial Inc. and Alibaba Group Holdings Ltd.
If confirmed, Clayton would replace current Chair Mary Jo White, who plans to resign once President Barack Obama’s term ends.
“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 in a release announcing the planned appointment.
Clayton stated in a press release, “If confirmed, we are going to work together with key stakeholders in the financial system to make sure we provide investors and our companies with the confidence to invest together in America. We will carefully monitor our financial sector, as we set policy that encourages American companies to do what they do best: create jobs.”
The Investment Adviser Association’s President and CEO Karen Barr praised Trump’s pick. “Mr. Clayton is a highly regarded, respected, and accomplished securities lawyer, with a deep understanding of the complexities of modern securities transactions and regulations.”
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