Business Briefs – May 2, 2017

Senate Confirms Wall St. Attorney Jay Clayton to Head SEC

WASHINGTON (AP) – The Senate on Tuesday confirmed Jay Clayton, the Wall Street attorney chosen by President Donald Trump to lead the Securities and Exchange Commission.

The vote was 61-37 to give Clayton the job of running the independent agency that oversees Wall Street and the financial markets. Ten Democrats joined 51 Republicans in backing the nominee.

As SEC chairman, Clayton will be responsible for protecting investors from misconduct on Wall Street. He will oversee the enforcement of rules written by the SEC under the law that reshaped the regulation of banks and Wall Street after the 2008 financial crisis and the Great Recession.

Apple Growing Cash Stash Spurs Talk of Huge Acquisition

SAN FRANCISCO (AP) – As Apple’s stash of cash grows, so does the possibility that the world’s most valuable company will use some of the money for a huge acquisition that would expand its empire beyond iPhones and other gadgets.

The company currently holds more than a quarter-trillion dollars it could use to go shopping. So far, the guessing game has primarily focused on possible targets such as Netflix and Tesla Motors.

But in recent months the takeover talk has swirled around whether Apple might do something even more dramatic by making a bid for Walt Disney Co.