Jay Clayton was approved Tuesday by the Senate to serve as chairman of the Securities and Exchange Commission.
Mr. Clayton was approved by a 61-37 vote, with several Democrats supporting him. Commissioner Michael Piwowar has been serving as acting chairman since Mary Jo White departed in January.
Democrats on the Joint Economic Committee opposed Mr. Clayton's nomination over concerns that he will put Wall Street interests first, and that his legal career there will force him to recuse himself frequently.
Mr. Clayton “is not the enforcement cop that hard-working Americans and our recovering economy need at this moment,” ranking committee member Martin Heinrich, D-N.M., said in a statement Tuesday.