Business

Trump picks Wall Street lawyer Jay Clayton to lead SEC

CNN: President-elect Donald Trump's choice to be the next top cop of Wall Street is Jay Clayton, an elite lawyer who has defended big banks for their financial crisis-era misbehavior. Trump announced his SEC pick on Wednesday and explained that Clayton's background as a Wall Street lawyer will help unleash the "job-creating power" of the economy while still providing strong oversight. "We need to 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," Trump said in a statement. The SEC is responsible for rooting out financial crime such as fraud as well as ensuring capital markets are fair for all investors. Clayton is currently a partner at the powerful law firm Sullivan & Cromwell and has advised on a slew of major deals, including the record-breaking Alibaba (BABA, Tech30) IPO and the sale of the NBA's Atlanta Hawks.

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