Trump opts for Wall Street lawyer for SEC chairman role

Donald Trump has nominated Jay Clayton as chair at the SEC.

Donald Trump has nominated Jay Clayton, a partner at Sullivan & Cromwell LLP, to become chairman at the Securities and Exchange Commission (SEC.).

In a statement, 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 currently works at Sullivan & Cromwell, a law firm that specialises in public and private mergers and offerings. 

In November, current chair at the SEC, Mary Jo White, announced her departure at the end of President Obama’s administration.

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.