Analysis

Trump's Wall Street Ally Pick Signals Enforcement-Light SEC

By Carmen Germaine (January 4, 2017, 10:36 PM EST) -- President-elect Donald Trump's selection of Sullivan & Cromwell LLP partner Jay Clayton to chair the U.S. Securities and Exchange Commission signals a major shift for the Wall Street watchdog, as experts say the M&A attorney is likely to turn the agency's focus from enforcement both domestically and internationally to cutting the rules companies find most irksome.

Clayton, who focuses his practice on mergers and acquisitions and capital markets offerings, is the latest Trump pick with ties to the New York financial services industry. If confirmed, he'll be the first SEC chair with no government experience since David Sturtevant Ruder left his...

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