Securities and Exchange Commission (SEC) Chairman Jay Clayton announced Monday he will step down from his post at the end of the year, allowing the Biden administration to choose his successor immediately upon taking over the White House.
Clayton’s departure moves up the timeline for change at the SEC by about six months, as he could have stayed on through the end of his term in June 2021. Experts who deal with the agency on a regular basis said the unwritten restrictions placed on Clayton’s SEC by the Trump administration—no new rulemaking but allowance to adjust existing rules—will come off.
