Trump to Pick Wall St. Lawyer as SEC Chief

He represented Goldman Sachs in connection with the $10 billion bailout it received in 2008 as part of the government’s $700 billion rescue of banks during the financial crisis. Trump has tapped several officials with Goldman Sachs’ ties for senior roles. They include Goldman Sachs President Gary Cohn, who the incoming president has picked to be his top economic adviser, and Steve Mnuchin, a former partner at the firm, who has been nominated to be Treasury Secretary.

If confirmed by the Senate, Clayton would replace Mary Jo White. White has said she will step down as SEC chair when President Barack Obama leaves office later this month.

— Realted:

• Hoping for a Regulatory Miracle
• SEC’s White Warns: ‘Serious Mistake’ to Weaken Securities Rules