Trump picks Wall Street lawyer for SEC chair

Trump picks Wall Street lawyer for SEC chair
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President-elect Donald TrumpDonald TrumpFormer Clinton spokesman: Virginia elections will begin resistance to Trump A closer look at McCain's proposed defense budget Scarborough: Missed opportunities in Trump’s inauguration speech MORE announced on Wednesday that he's selected Wall Street lawyer Jay Clayton to helm the U.S. Securities and Exchange Commission (SEC).

“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 said 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.”

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Clayton is a partner at Sullivan & Cromwell LLP, where he works on “public and private mergers and acquisitions, capital markets offerings and regulatory proceedings.”

Incoming White House press secretary Sean Spicer called Clayton a “highly talented expert” on financial regulatory law.

Clayton has penned publications on regulatory law and has also worked as an adjunct professor at University of Pennsylvania’s law school.
 
The transition release said Clayton will be responsible for “encouraging investment in American companies,” as well as “providing strong oversight of Wall Street and related industries.”

Trump has vowed to encourage companies to keep jobs in the U.S. and also railed against Wall Street during the campaign, pledging to "drain the swamp" of corruption in Washington, D.C.

But the president-elect has named a number of Wall Street executives and billionaires to his Cabinet, earning pushback from critics.