After appointing more Wall Street billionaires and multi-millionaires to his administration than any other in history - including former corporate raider Carl Icahn as an unpaid special advisor on slashing regulations - Trump has nominated Wall Street lawyer Jay Clayton as head of the SEC.
And that is awesome.
It's time to get Washington off Wall Street's back!
With his selection of deal-making attorney Walter "Jay" Clayton to head the U.S. Securities and Exchange Commission, President-elect Donald Trump is signaling that the agency will try to reduce regulations that critics see as burdensome or hindering corporate growth.
Trump announced on Wednesday that he intends to nominate Clayton, a partner in the New York office of law firm Sullivan & Cromwell, to lead the agency that polices and regulates Wall Street. ...
Many Republicans in recent years have criticized the SEC for focusing too much on enforcement, especially under outgoing chair Mary Jo White, a former federal prosecutor, and not enough on its other missions, including writing rules that promote capital formation.
Legal experts said Clayton's background is more in line with some past SEC chiefs, and points to less regulation and perhaps a shift away from White's policy in which the agency fined firms for smaller violations in an effort to deter bigger ones. ...
As is often the case with SEC chair nominees, Clayton has some close personal and professional ties to Wall Street.
During the height of the 2008 financial crisis, Clayton worked on major deals involving big banks, including Barclays Capital's (BARC.L) acquisition of Lehman Brothers' assets, the sale of Bear Stearns to JP Morgan Chase (JPM.N), and the U.S. Treasury Department's capital investment in Goldman Sachs (GS.N), according to his law firm's website.
He has helped draft comment letters to the SEC that advocated for less onerous restrictions for foreign public companies, and also participated in a 2011 article which advocated for less zealous enforcement of the Foreign Corrupt Practices Act.
Clayton's background representing Goldman and other Wall Street firms is likely to come up during his Senate confirmation hearing. His wife, Gretchen Butler Clayton, is employed by Goldman Sachs as a private wealth advisor. ...
Trump's SEC pick Clayton points to capital formation, not enforcement
And that is awesome.
It's time to get Washington off Wall Street's back!
With his selection of deal-making attorney Walter "Jay" Clayton to head the U.S. Securities and Exchange Commission, President-elect Donald Trump is signaling that the agency will try to reduce regulations that critics see as burdensome or hindering corporate growth.
Trump announced on Wednesday that he intends to nominate Clayton, a partner in the New York office of law firm Sullivan & Cromwell, to lead the agency that polices and regulates Wall Street. ...
Many Republicans in recent years have criticized the SEC for focusing too much on enforcement, especially under outgoing chair Mary Jo White, a former federal prosecutor, and not enough on its other missions, including writing rules that promote capital formation.
Legal experts said Clayton's background is more in line with some past SEC chiefs, and points to less regulation and perhaps a shift away from White's policy in which the agency fined firms for smaller violations in an effort to deter bigger ones. ...
As is often the case with SEC chair nominees, Clayton has some close personal and professional ties to Wall Street.
During the height of the 2008 financial crisis, Clayton worked on major deals involving big banks, including Barclays Capital's (BARC.L) acquisition of Lehman Brothers' assets, the sale of Bear Stearns to JP Morgan Chase (JPM.N), and the U.S. Treasury Department's capital investment in Goldman Sachs (GS.N), according to his law firm's website.
He has helped draft comment letters to the SEC that advocated for less onerous restrictions for foreign public companies, and also participated in a 2011 article which advocated for less zealous enforcement of the Foreign Corrupt Practices Act.
Clayton's background representing Goldman and other Wall Street firms is likely to come up during his Senate confirmation hearing. His wife, Gretchen Butler Clayton, is employed by Goldman Sachs as a private wealth advisor. ...
Trump's SEC pick Clayton points to capital formation, not enforcement
