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REGULATION/LEGISLATION

Jay Clayton gets OK from Senate panel to be SEC chairman

Jay Clayton
Jay Clayton

Jay Clayton's nomination as chairman of the Securities and Exchange Commission was approved Tuesday by the Senate Committee on Banking, Housing and Urban Affairs.

The full Senate is expected to vote on the nomination later this month.

Committee members approved Mr. Clayton's nomination in a 15-to-8 vote. Some Democrats questioned whether his extensive experience as a Wall Street lawyer will force him to recuse himself from many SEC issues. And Sen. Robert Menendez, D-N.J., said Mr. Clayton also “failed to provide basic assurances” that he will implement congressionally required regulatory improvements.