Trump to tap Wall Street lawyer, Jay Clayton, to head SEC

President-elect Donald Trump announced that he will nominate Wall Street lawyer, Jay Clayton, to head the Securities and Exchange Commission. As chair of the SEC, which polices Wall Street and the financial markets, Clayton would play a key role in Trump's efforts to usher in a period of deregulation, including undoing parts of 2010’s financial reform legislation, known as the Dodd-Frank Act.

"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,” Trump said in a statement. If confirmed by the Senate, Clayton would replace Mary Jo White, who announced shortly after the election that she would step down.