Trump taps New York corporate lawyer to head SEC

President-elect Donald Trump on Wednesday nominates New York corporate lawyer Jay Clayton to run the Securities and Exchange Commission, saying government needs to get rid of burdensome regulations.

Clayton, a partner at the Sullivan & Cromwell law firm, advised Goldman Sachs and other financial firms during the 2008 financial crisis. At the SEC he will be charged with enforcing the nation’s securities laws and setting policy on matters ranging from corporate disclosure to investor rights.

“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 says in a news release.

“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 will replace outgoing SEC chief Mary Jo White. His appointment comes as many expect Washington to pause or pull back on tough regulations of banks and other companies imposed in the wake of the financial crisis.

— AFP