Trump Picks Wall Street Lawyer for SEC Chairman

President-elect Donald Trump announced his intent to nominate Jay Clayton, a partner at the Sullivan and Cromell law firm who has worked with Wall Street and corporations, to "navigate complex federal regulations" as chairman of the Securities and Exchange Commission.

"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 released by his transition team. "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."

In the statement, Clayton said he wants to "work together with key stakeholders in the financial system to make sure we provide investors and our companies with the confidence to invest together in America."

He added that if he is confirmed, he intends to "carefully monitor our financial sector as we set policy that encourages American companies to do what they do best: create jobs."