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Wednesday, May 3, 2017

US Senate votes to confirm Jay Clayton as SEC chairman Tuesday May 02,2017

The US Senate voted on Tuesday May 02,2017  to confirm attorney Jay Clayton to head the Securities and Exchange Commission, the agency tasked with policing and writing rules for Wall Street. In a 61-37 vote, the Senate approved the nomination, with some moderate Democrats joining their Republican colleagues in supporting his confirmation.
Clayton could be officially sworn in as SEC chairman as soon as Thursday.
The White House still must complete some paperwork, including an action by President Trump to formally designate him as SEC chairman.
Clayton is a longtime partner at law firm Sullivan & Cromwell who specializes in advising clients on public and private mergers and acquisitions and capital-raising efforts.
Clayton worked on the initial public offering of Alibaba Group Holding Company, and has also represented Goldman Sachs, where his wife Gretchen works.
She is now expected to step down from her post, a move that will make it easier for her husband to mitigate potential conflicts of interest.
“I look forward to working closely with my fellow Commissioners and the dedicated career staff at the SEC to serve the American public and advance the SEC’s important mission,” Clayton said in a statement.

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