Wall Street Lawyer Clayton Named as SEC Chairman

WASHINGTON (AP) -

President-elect Donald Trump on Wednesday chose a Wall Street attorney with experience in corporate mergers and public stock launches as his nominee to head the Securities and Exchange Commission.

Trump announced his nomination of Jay Clayton, a partner in the law firm Sullivan and Cromwell, as chairman of the independent agency that oversees Wall Street and the financial markets. If confirmed by the Senate, his responsibilities will include enforcing the scores of rules already written by the agency under the 2010 law that reshaped financial regulation after the 2008-09 crisis.

Clayton has worked on many of the securities deals that the SEC regulates and has represented Wall Street powerhouses including Goldman Sachs and Barclays.

He is the latest Trump choice with Wall Street connections.