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Senate Banking Committee schedules Clayton hearing

Joe Mont | March 8, 2017

We may be getting closer to having a new chairman of the Securities and Exchange Commission.

President Donald J. Trump’s pick to fill that post, Jay Clayton, will testify before the Senate Banking Committee on March 23. The hearing, announced on Tuesday, is a prelude to confirmation by the full Senate.

Clayton, currently a partner with the law firm Sullivan & Cromwell, would replace former Chairman Mary Jo White.

“Jay Clayton is 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,” a statement from the Trump Administration said, when announcing the selection in January. “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.”

Clayton, according to the Trump Administration’s announcement, “has had a long and distinguished career advising on public and private mergers and acquisitions transactions, capital markets offerings, regulatory and enforcement proceedings, and other matters.” In addition to numerous awards recognizing him as one of the top corporate lawyers in America, he has also authored multiple publications on regulatory law, and has been an adjunct professor at the University of Pennsylvania School of Law.

Clayton received a B.S. in engineering from the University of Pennsylvania in 1988 and a B.A. in economics from the University of Cambridge in 1990. He received his J.D. from the University of Pennsylvania School of Law in 1993.