On Wednesday, Donald Trump said he intends to nominate Jay Clayton, a partner with the upscale New York law firm Sullivan & Cromwell, to head the Securities and Exchange Commission (SEC). Clayton represents the latest Trump cabinet pick with a strong connection to Wall Street.
According to a statement released by Trump’s communications office, if the Senate confirms Clayton’s nomination, he will be in charge of “encouraging investment in American companies” and “providing strong oversight of Wall Street and related industries.”
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 statement.
The SEC’s role is to protect investors and allow businesses to raise capital using public markets in a manner which encourages economic growth.
Clayton is currently an adviser to Goldman Sachs and will join several of his fellow Wall Street pals who are also slated to serve in Trump’s new administration. Here’s a list of Trump’s current Wall Street cabinet pics.
Clayton advises corporations regarding significant acquisitions, initial public offerings, and regulatory concerns. He’s been involved with some of the largest corporate deals over the past decade. Clayton was instrumental in helping take the Alibaba Group public, which became known as the most extensive public offering (I.P.O) in financial history. He also served as an adviser to Barclays Capital when they bought out Lehman Brothers’ assets following the 2008 financial meltdown.
Trump’s newest Wall Street insider has years of experience advising financial institutions on how to navigate settlements with the U.S. government over regulatory violations. And now this corporate lawyer will oversee the most powerful Wall Street regulating agency in the U.S. Government.
Trump’s new cabinet is probably worse than Senator Bernie Sanders’ worst nightmare, and he’s not finished.
Everybody knows the fight is fixed, the poor stay poor, the rich stay rich. That’s how it goes…Everybody knows.” ~ Leonard Cohen
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