Trump's pick to head the SEC represented numerous big banks during the financial crisis

Donald Trump will nominate Jay Clayton, a Wall Street lawyer, to head the Securities and Exchange Commission according to transition sources.

Clayton, a partner at Sullivan and Cromwell, has represented a number of Wall Street giants.

According to Clayton’s biography on Sullivan and Cromwell’s website he represented a number of banks during the financial crisis including Barclays during its purchase of Lehman Brothers, Bear Stearns in its sale of itself to JPMorgan, and Goldman Sachs during its investment from Warren Buffett and the US TARP program.

Clayton also has experience in capital markets, advising on the initial public offerings of Alibaba, Ally Financial, Oaktree Capital Group, and Och-Ziff.

“Jay Clayton is a highly talented expert on many aspects of financial and regulatory law, and he will ensure our financial institutions can thrive and create jobs while playing by the rules at the same time,” said President-elect Trump in a statement from the transition.

“We need to undo many regulations which have stifled investment in American businesses, and restore oversight of the financial industry in a way that does not harm American workers.”

More to come…

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