Politics, US News

Trump proposes Wall Street Lawyer to Head S.E.C.

U.S. President-elect Donald Trump delivered brief remarks to reporters at the Mar-a-lago Club in Palm Beach, Florida, U.S. December 28, 2016. REUTERS/Jonathan Ernst - RTX2WSA9

President-elect Donald J. Trump said on Wednesday that he wanted to select Jay Clayton, join forces with the unmistakable New York law office Sullivan and Cromwell, to lead the Securities and Exchange Commission, the most recent meeting with substantial binds to Wall Street.

If confirmed, Mr. Clayton will be in charge of ““encouraging investment in American companies” and “providing strong oversight of Wall Street and related industries,” as per an announcement by Mr. Trump’s communications office on Wednesday morning.

“We will carefully monitor our financial sector, as we set policy that encourages American companies to do what they do best: create jobs,” Mr. Clayton said in the announcement.

The role of the federal agency is to protect investors and enable companies to raise capital through the public markets in a way that fosters economic growth.

An adviser to Goldman Sachs, Mr. Clayton would join a few Wall Street alumni in serving in Mr. Trump’s administration. Steven Mnuchin, a former Goldman Sachs trader who runs his hedge fund and invested in Hollywood movies before leading fund-raising for Mr. Trump during the election, has been nominated to be Treasury secretary. Wilbur Ross, the billionaire investor, has been picked as the next commerce secretary, while Gary D. Cohn, who was No. 2 at Goldman Sachs, will be Mr. Trump’s financial top policy adviser.

Mr. Clayton, an adviser to corporations on significant acquisitions, initial public offerings, and regulatory matters, has been a nearness among a portion of the biggest arrangements throughout the most recent decade. He took the Alibaba Group open, the biggest I.P.O. Ever, and prompted Barclays Capital when it procured Lehman Brothers resources when that firm caved in the 2008 financial crisis.

He additionally has experience on the regulatory side, having exhorted financial institutions on their settlements with the United States government.

Solicitations to talk with Mr. Clayton at Sullivan and Cromwell were not immediately replied.

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