WASHINGTON _ President-elect Donald Trump intends to nominate Wall Street attorney Jay Clayton to head the Securities and Exchange Commission, transition spokesman Sean Spicer said Wednesday.
Clayton, a partner with New York-based global law firm Sullivan & Cromwell, would take over for Mary Jo White, who announced in November she would step down at the end of the Obama administration.
Trump reportedly had been considering Los Angeles lawyer Debra Wong Yang, a former federal prosecutor, to head the SEC. The agency is the federal government's top watchdog for Wall Street.
"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," Trump said in a statement.
"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," he said.
Clayton thanked Trump for the opportunity. His nomination must be confirmed by the Senate.
"If confirmed, we are going to work together with key stakeholders in the financial system to make sure we provide investors and our companies with the confidence to invest together in America," he said. "We will carefully monitor our financial sector, as we set policy that encourages American companies to do what they do best: create jobs."
Trump opted for Clayton, whose work has included mergers and acquisitions, as well as regulatory and enforcement proceedings, Among his clients listed on the firm's website have been Goldman Sachs Corp., Bear Stearns, Ally Financial Inc. and British Airways.
Clayton also worked on the 2014 initial public offering of China's Alibaba Holding Group, which was the largest IPO in U.S. history.
