The US Securities and Exchange Commission, one of the country’s paramount regulatory authorities, could be slated to get a new injection of leadership with the onset of Donald Trump’s presidency. One of the frontrunners to be the new head of the SEC in the Trump administration is Wall Street lawyer Jay Clayton, according to a recent Reuters report.
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The ultimate decision will be critical to reshaping US regulatory policy, which Mr. Trump has promised to change during his administration. Mr. Clayton presently serves as a partner at Sullivan & Cromwell, a group focusing on public and private mergers and offerings, with an emphasis on securities regulations and corporate governance.
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The selection would also represent a continuation of a current pattern of picks in Trump’s administration, which has relied on outsider candidates and individuals with no previous political experience.
Presently, Mr. Clayton has also overtaken the former US Attorney, Debra Wong Yang, who was previously rumored to have been seen as a top candidate for the position. In addition to Ms. Yang and Mr. Clayton, the SEC commissioner Paul Atkins and lawyer Ralph Ferrara are also mentioned as potential picks for the role.
On Mr. Clayton’s part, he cut his teeth working with major firms, whilst navigating through the 2008 financial crisis. This included big banks and Barclays Capital’s acquisition of Lehman Brothers’ assets, the sale of Bear Stearns to JP Morgan Chase, and others.
Late last year, Mr. Trump added a vocal supporter of cryptocurrencies and blockchain, picking Congressman Mick Mulvaney, Tea Party Republican, as his administration’s Director of Office of Management and Budget. He is considered a staunch fiscal conservative that wishes to drastically limit the federal government’s spending on social programs.