According to his firm profile, Clayton, a graduate of the University of Pennsylvania Law School, has represented high-profile clients like Goldman Sachs, Barclays Capital, Alibaba, and Och-Ziff Capital, just to name a few. Why would Trump select Clayton for this role? According to a report from Reuters, the president-elect may be signaling that the SEC will “scale back regulations that some critics see as burdensome and may be hindering corporate growth.” In fact, Trump said as much himself in a statement earlier this afternoon:
“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 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.”
Congratulations to Jay Clayton on his new role. We’d wish him luck in his Senate confirmation hearings, but we don’t think he’s going to have much of an issue.