Donald Trump nominates Jay Clayton as SEC chairman

Donald Trump and Mike Pence
President-elect Donald Trump and Vice President-elect Mike Pence

Jay Clayton, a partner at law firm Sullivan & Cromwell, was chosen to chair the Securities and Exchange Commission, President-elect Donald Trump announced Wednesday.

If confirmed, Mr. Clayton would replace outgoing Chairwoman Mary Jo White, who is leaving Jan. 20.

The Trump transition team said in a statement that Mr. Clayton “will play an important role in unleashing the job-creating power of our economy by encouraging investment in American companies while providing strong oversight of Wall Street and related industries. Robust accountability will be a hallmark of his tenure atop the SEC, and the financial security of the American people will be his top priority.”

Mr. Clayton’s practice includes advising on public and private mergers and acquisitions transactions, capital markets offerings, regulatory and enforcement proceedings, and other matters.

Karen Barr, president and CEO of the Investment Adviser Association, said in a statement that Mr. Clayton “is a highly regarded, respected and accomplished securities lawyer, with a deep understanding of the complexities of modern securities transactions and regulations.”