A new era at the SEC officially began last week when Jay Clayton
was sworn in as the 32nd Chairman of the SEC. The
Senate's confirmation of Mr. Clayton on May 2nd by a
61 to 37 vote continued the Trump Administration's practice of
tapping well-known Wall Street professionals to serve in key
government positions.
In this case, Mr. Clayton was a partner in the New York office
of Sullivan & Cromwell, where according to the SEC's news
release he advised companies on "securities offerings, mergers
and acquisitions, corporate governance and regulatory and
enforcement proceedings." These companies notably included
Goldman Sachs, which has been a recurring theme with President
Trump's appointees. While his former ties will, no doubt,
prevent Mr. Clayton from participating in SEC matters directly
related to Goldman Sachs, his Wall Street background could well
influence his perspective regarding the SEC's future regulatory
agenda.
