Jay Clayton sworn in as chairman of SEC

Jay Clayton officially sworn in as the 32nd chairman of the SEC.

Jay Clayton has officially been sworn in as chairman of the Securities and Exchange Commission (SEC).

He was first nominated for the position in January this year and shortly after gained approval and confirmation from President Donald Trump and the US Senate.

In a statement at the time, Trump described Clayton as 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 added the US must “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."

Clayton was previously a partner at Sullivan & Cromwell where he worked for over 20 years advising public and private companies on regulation, corporate governance, merger and enforcement proceedings.

He has experience with counselling companies and advising market participants on capital raising and trading matters in the US and abroad.

Commenting on his new role, Clayton said: “It is a tremendous honour to lead the SEC and to be sworn in by Justice Kennedy, whom I greatly admire.

“The work of the SEC is fundamental to growing the economy, creating jobs, and providing investors and entrepreneurs with a share of the American Dream.”

In November, former chair at the SEC, Mary Jo White, announced her departure at the end of President Obama’s administration following Trump’s presidential victory.

She became chair in April 2013 and has seen the SEC bring about more than 50 rule-making initiatives throughout her time in the role.