Trump's SEC Pick Seeks to De-Emphasize Regulation, Enforcement

Chris Gaetano
Published Date:
Feb 21, 2017

Jay Clayton, the Trump Administration's pick for chair of the Securities and Exchange Commission, wants to see the commission turn away from its Obama-era focus on regulation and enforcement and towards making public markets more attractive to investment, according to The Wall Street Journal. While the current chair, Mary Jo White, was a prosecutor, Clayton is an attorney who specialized in mergers and acquisitions. As such, he takes a more jaundiced view of the financial regulations he would be charged with enforcing if confirmed as chair. For example, according to the WSJ, he's not terrifically fond of federal foreign-bribery rules, which he feels hobble U.S. firms trying to expand overseas. He also is worried that congressional response to scandals like Enron have resulted in rules too burdensome for small businesses trying to raise capital. While Democrats are worried that less enforcement risks another financial crisis, the WSJ said Clayton feels it's more important for companies to be resilient: that is, the government should ensure businesses can recover quickly from crises rather than trying to head off crises entirely. 

Clayton's confirmation hearing is scheduled for March 2. 

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