Clayton Set for Senate Panel Hearing
Late Tuesday, the Senate Banking Committee announced that President Donald Trump’s pick to head the Securities and Exchange Commission, Jay Clayton, is set to testify before the Committee on March 23.
According to The Wall Street Journal, “The hearing is a crucial step in Mr. Clayton securing Senate confirmation, likely later this spring.“
Clayton is a veteran Wall Street lawyer who has represented high profile investment banks like Goldman Sachs and Lehman Brothers. Mr. Clayton is expected to focus on easing what he sees as unnecessary regulations on raising capital.
Once Mr. Clayton joins the commission, it will be operating with just three Commissioners—two fewer than its full complement.
Clayton, an independent, would join Michael Piwowar, the agency’s sole Republican and acting Chairman, and Kara Stein, a Democrat.