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M&A Lawyer with Strong Wall Street Background Nominated to Lead SEC

Jay Clayton, a partner with New York law firm Sullivan & Cromwell LLP, has been nominated by President-elect Trump to succeed Mary Jo White as chairman of the SEC. Clayton, whose practice is based in New York, has focused on mergers and acquisitions, IPOs, corporate governance, and investment advice for high-net-worth families, the Wall Street Journal reported. Clayton has represented clients including Goldman Sachs and Barclays Capital, and the team representing the underwriters on Alibaba Group Holding Limited’s historic IPO.  “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,” President-elect Trump said in a statement released on Wednesday. “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.” According to a CNBC report, Clayton said, if confirmed, he will work with key stakeholders in financial systems to provide investors and companies with confidence to invest in the U.S. and carefully monitor the financial sector “as we set policy that encourages American companies to do what they do best: create jobs.”