Trump names Wall Street lawyer to head SEC

    President-elect Donald Trump says today he intends to nominate Walter “Jay” Clayton, an attorney who advises clients on major Wall Street deals, to lead the U.S. Securities and Exchange Commission, Reuters reports.

    “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 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.”

    Clayton, a partner in the New York office of law firm Sullivan & Cromwell, specializes in advising clients on public and private mergers and acquisitions and capital-raising efforts. He also helps companies navigate regulatory and enforcement actions, including a number of cases that involved mortgage securities.

    Clayton has worked for high-profile clients, including the initial public offerings of Alibaba Group Holding Company and Oaktree Capital Group.

    During the height of the 2008 financial crisis, Clayton also worked on major deals involving big banks, including Barclays Capital’s acquisition of Lehman Brothers’ assets, the sale of Bear Stearns to JP Morgan Chase and the U.S. Treasury Department’s capital investment in Goldman Sachs, according to his law firm’s website.

    Reuters has the full story.

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