President-elect Donald Trump has revealed his choice to replace Mary Jo White, outgoing chairman of the Securities and Exchange Commission. The nomination, subject to Senate confirmation, is Jay Clayton, a partner with Sullivan & Cromwell and a former adjunct professor at the University of Pennsylvania School of Law.
What we know about the nomination is that he is a respected expert in mergers, acquisitions, and capital formation. Also, he views the corporate disclosure regime as a brilliantly constructed system for ensuring transparency and empowering investors. More controversial: his suggestion that the Foreign Corrupt Practices Act has led to an overly aggressive, unchecked enforcement stance by the SEC and Department of Justice that may, ultimately, be counterproductive to the goal of decreasing global corruption.
“Robust accountability will be a hallmark of his tenure atop the SEC, and the financial security of the American people will be his top priority,”... To get the full story, subscribe now.