Securities and Exchange Commission Chairman Jay Clayton announced that Wednesday will be his last day leading Wall Street’s top regulator.
Clayton, in a statement posted on the agency’s website, said he submitted a letter to President Donald Trump informing him of his decision to leave the SEC on Dec. 23.
While President-elect Joe Biden will pick a permanent successor to Clayton, Trump will likely install either Hester Peirce or Elad Roisman — the SEC’s Republican commissioners — as acting chairman.
Clayton, a former law partner at Sullivan & Cromwell whose clients included prominent Wall Street firms, had previously announced that he planned to step down by the end of the year.
The financial advice industry has been facing inquiries into its cash sweep programs for years now.
Investor money allegedly went to strip clubs, exotic cars, and landscaping
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