https://www.washingtonpost.com/news...ap-wall-street-lawyer-jay-clayton-to-head-sec
NEW YORK -- President-elect Donald Trump announced on Wednesday that he will nominate Wall Street lawyer, Jay Clayton, to head the Securities and Exchange Commission.
As chair of the SEC, which polices Wall Street and the financial markets, Clayton would play a key role in Trump's efforts to usher in a period of deregulation, including undoing parts of 2010's financial reform legislation, known as the Dodd-Frank Act.
If confirmed by the Senate, Clayton would replace Mary Jo White, who announced shortly after the election that she would step down.
White, a former federal prosecutor, is known for a no-nonsense style and beefed up the agency's enforcement efforts over the last three years, pushing for more companies to admit guilt and taking more cases to trial. And during her term, the SEC has been a central player part of the Obama administration's effort to rein in big banks following the 2008 financial crisis and prevent future taxpayer bailouts of the industry. The agency has pushed for more oversight of hedge funds and other asset managers and has established rules that make it more difficult for big banks to make risky bets on the markets.
But Trump is widely expected to roll back some of the banking industry regulations the Obama administration put in place.
”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," Trump said.