President-elect Donald TrumpDonald TrumpMuhammad Ali Jr. detained by immigration at Florida airport Two progressive activists were behind Trump Russian flag prank at CPAC Tom Perez embodies the Democratic Party. This is why he should lead it. 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.”
Incoming White House press secretary Sean Spicer called Clayton a “highly talented expert” on financial regulatory law.
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.