June 22, 2020

President Trump to Nominate SEC Chair Clayton as U.S. Attorney for SDNY

Steven Lofchie Commentary by Steven Lofchie

Attorney General William P. Barr announced that President Donald J. Trump will nominate SEC Chair Jay Clayton as U.S. Attorney for the Southern District of New York ("SDNY"). The nomination would be subject to Senate confirmation.

Until Saturday, June 20, 2020, Geoffrey S. Berman was the U.S. Attorney for SDNY. Mr. Berman's Deputy U.S. Attorney, Audrey Strauss, is now the Acting U.S. Attorney.

Both U.S. Senators from New York expressed opposition to the nomination of SEC Chair Clayton (see here and here), and Senate Judiciary Committee Chair Lindsey Graham stated that the committee would not move forward with the nominating hearing without the support of the home state senators.

Commentary

While attention is focused on the drama around the nominating process of Jay Clayton for U.S. Attorney for the Southern District of New York, who would replace him as the next Chair of the SEC? Current Commissioner Hester Peirce should get serious consideration. During her term, she has demonstrated independence, integrity and creativity. She has substantial experience, is respected by all, and has a good sense of humor. To see previous coverage of Ms. Peirce, click here.

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