President-elect Donald Trump eyes Wall Street lawyer Jay Clayton to lead SEC

Mr. Clayton, a partner at Sullivan & Cromwell, has represented firms including Goldman Sachs Group Inc., Och-Ziff Capital Management Group and Oaktree Capital Group.
JAN 04, 2017
By  Bloomberg
President-elect Donald Trump is considering nominating Sullivan & Cromwell partner Jay Clayton to run the Securities and Exchange Commission, potentially positioning a top lawyer to banks and hedge funds to lead Wall Street's main regulator, said a person with knowledge of the matter. Mr. Clayton, who met with Mr. Trump last month, has represented Goldman Sachs Group Inc. and investment firms ranging from Och-Ziff Capital Management Group to Oaktree Capital Group, according to Sullivan & Cromwell's website. Much of his legal work has involved mergers and acquisitions, as well as representing firms facing U.S. investigations. He represented Goldman Sachs in connection with the $10 billion bailout it received in 2008 as part of the government's $700 billion rescue of banks during the financial crisis. Mr. Trump has tapped several officials with Goldman Sachs' ties for senior roles. They include Goldman Sachs President Gary Cohn, who the incoming president has picked to be his top economic adviser, and Steve Mnuchin, a former partner at the firm, who has been nominated to be Treasury Secretary. Mr. Clayton didn't immediately respond to an e-mail seeking comment. His candidacy was reported earlier by Reuters. Mr. Clayton is among several people who Mr. Trump has considered to lead the SEC. Other candidates have included Debra Wong Yang, a former U.S. attorney, Paul Atkins, a former SEC commissioner, and Ralph Ferrara, a former SEC general counsel, people familiar with the matter have said.

Latest News

In an AI world, investors still look for the human touch
In an AI world, investors still look for the human touch

AI is no replacement for trusted financial advisors, but it can meaningfully enhance their capabilities as well as the systems they rely on.

This viral motivational speaker can also be your Prudential financial advisor
This viral motivational speaker can also be your Prudential financial advisor

Prudential's Jordan Toma is no "Finfluencer," but he is a registered financial advisor with four million social media followers and a message of overcoming personal struggles that's reached kids in 150 school across the US.

Fintech bytes: GReminders and Advisor CRM announce AI-related updates
Fintech bytes: GReminders and Advisor CRM announce AI-related updates

GReminders is deepening its integration partnership with a national wealth firm, while Advisor CRM touts a free new meeting tool for RIAs.

SEC charges barred ex-Merrill broker behind Bain Capital private equity fraud
SEC charges barred ex-Merrill broker behind Bain Capital private equity fraud

The Texas-based former advisor reportedly bilked clients out of millions of dollars, keeping them in the dark with doctored statements and a fake email domain.

Trump's tax bill passes senate in hard-fought victory for Republicans
Trump's tax bill passes senate in hard-fought victory for Republicans

The $3.3 trillion tax and spending cut package narrowly got through the upper house, with JD Vance casting the deciding vote to overrule three GOP holdouts.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.