Mary Jo White

Trump to tap Wall Street lawyer Jay Clayton to head SEC

Trump to tap Wall Street lawyer Jay Clayton to head SEC

President-elect Donald Trump will nominate Wall Street lawyer Jay Clayton to head the Securities and Exchange Commission, according to Sean Spicer, a spokesman for Trump's transition team.

As chair of the SEC, which polices Wall Street and the financial markets, Clayton would play a key role in Trump's efforts to usher in a period of deregulation, including undoing parts of 2010's financial reform legislation, known as the Dodd-Frank Act.

If confirmed by the Senate, Clayton would replace Mary Jo White, who announced shortly after the election that she would step down.

White, a former federal prosecutor, is known for a no-nonsense style and beefed up the agency's...

63°