President-elect Donald J. Trump will nominate Jay Clayton to lead the SEC.
Mr. Clayton is a partner at Sullivan and Cromwell LLP, where his practice "involves public and private mergers and acquisitions transactions, capital markets offerings, regulatory and enforcement proceedings, and other matters where multidisciplinary advice and experience is valued." Mr. Clayton received a B.S. in engineering from the University of Pennsylvania in 1988, a B.A. in economics from the University of Cambridge in 1990, and a J.D. from the University of Pennsylvania School of Law in 1993.
President-elect Trump stated:
"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. 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."
SEC Chair Mary Jo White responded to the Senate Banking Committee's letter cautioning federal agencies to postpone the finalization of pending rules during the last days of the departing administration.
Executive action takes a wide variety of forms, including executive orders, discretionary agency directives and enforcement decisions. A new Cadwalader memorandum on the subject focuses on the ability of President-elect Trump to reshape policy through the use of various forms of executive action.
The Cabinet Center for Administrative Transition is a curated repository of executive and legislative pronouncements, policies and proposals that reflect the financial service agendas of Congress and the Trump Administration.
President-Elect Trump's nominee for Treasury Secretary Steven Mnuchin stated that his "number-one priority on the regulatory side" is to "strip back parts of Dodd-Frank that prevent banks from lending."
In a memorandum titled "The Trump Administration: Change By Appointment," Cadwalader attorneys focus on likely leadership changes in key federal agencies.
House Republican leaders "cautioned" all federal executive and independent agencies against "finalizing pending rules or regulations in the Administration's last days."
SEC Chair Mary Jo White announced that she will leave her position when the Obama Administration ends.
President-elect Donald J. Trump revealed that his upcoming Administration's Financial Services Policy Implementation Team will replace the Dodd-Frank Act with "new policies to encourage economic growth and job creation."
A number of sources offer guidance to readers on developments in financial regulation that could occur during the president-elect's coming administration. Those sources include the Donald J. Trump website, the Republican Platform 2016 document and the proposed CHOICE Act.
Senator Elizabeth Warren urged President Obama to "immediately designate another SEC Commissioner as Chair of the agency."