The Securities and Exchange Commission is one step closer to having a new Chairman.

On Wednesday morning, President-elect Donald Trump today announced the nomination of Jay Clayton to replace current Chairman Mary Jo White at the conclusion of her term.

Clayton is currently a partner with Sullivan & Cromwell. His nomination is subject to Senate confirmation.

“Clayton will play an important role in unleashing the job-creating power of our economy by encouraging investment in American companies while providing strong oversight of Wall Street and related industries,” a statement from the Administration says. “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.”

 “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,” Trump said. “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 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, Clayton 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.