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SEC nominee faces conflict of interest questions

Joe Mont | March 15, 2017

As he prepares to testify before the Senate Banking Committee on March 23, President Donald J. Trump’s pick to serve as chairman of the Securities and Exchange Commission is facing questions about potential conflicts of interest he may face.

Jay Clayton, currently a partner with the law firm Sullivan & Cromwell, would replace former Chairman Mary Jo White. The upcoming Congressional hearing is a prelude to confirmation by the full Senate.

Clayton, according to the Trump Administration’s nomination 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 a financial disclosure recently filed with the Office of Government Ethics, Clayon revealed that he earned $7.6 million this year from his law firm. In the filing, he detailed how he would unwind his relationship with the law firm that currently employs...

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