President-elect Donald Trump confirmed reports that he would choose Wall Street lawyer Jay Clayton as Chairman of the Securities and Exchange Commission.
Clayton is a partner with Sullivan & Cromwell LLP in New York City, a law group that specializes in business and government relations.
“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 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.”
According to Reuters, Clayton’s firm worked on some of the deals that took place during the 2008 bailout of Wall Street, including the bailout of Goldman Sachs and the shuffling of assets owned by Lehman Brothers and Bear Sterns.
“I want to thank President-elect Trump for the opportunity to serve as SEC Chairman,” Clayton said in a statement. “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.”
Current SEC Chair Mary Jo White announced her plans to leave her position in November 2016.