Jay Clayton, a private equity lawyer at Sullivan & Cromwell, has been nominated to head the Securities and Exchange Commission by President-elect Donald Trump, sister publication Private Funds Management reported.
“Jay is an outstanding person and lawyer with deep public market, transactional and regulatory experience. Commitment to public service has always been a hallmark of our firm, and Jay will be a great public servant,” Joe Shenker, Sullivan & Cromwell chairman, told pfm.
Clayton’s clients include Oaktree Capital, Goldman Sachs and Altor Equity Partners, which he advised in connection with various acquisitions and financing transactions.
His appointment will have to be approved by the Senate, following a formal interview and a background check conducted by the Senate Banking Committee. Once appointed, the chair serves a five-year term, or until such time as they choose to step down.
He will replace current SEC head Mary Jo White, who announced in November she would step down at the end of the Obama administration. Her resignation was followed by wave of high profile departures from the SEC, including that of trading and markets division director Stephen Luparello, chief economist Mark Flannery and chief litigation counsel Matthew Solomon.