The Senate Banking Committee will consider the nomination of Sullivan and Cromwell partner Jay Clayton to head the Securities and Exchange Commission on March 23.
The committee also set the schedule to mark up the following bills on Thursday:
- S. 327, “Fair Access to Investment Research Act of 2017;”
- S. 444, “Supporting America’s Innovators Act of 2017;”
- S. 462, “Securities and Exchange Commission Overpayment Credit Act;”
- S. 484, “U.S. Territories Investor Protection Act of 2017;” and
- S. 488, “Encouraging Employee Ownership Act.”
S. 462 would give the SEC authority to credit self-regulatory organizations like national securities exchanges for fees and other assessments that have been overpaid to the agency during the past 10 years.
S 327 would direct the SEC to provide a safe harbor related to certain investment-fund research reports and for other purposes.
Clayton’s bio touts his participation in an array of M&A and capital-markets transactions involving financial institutions, telecommunications, airlines and other international companies, including the initial public offering of Alibaba and the acquisition of Lehman Brothers by Barclays Capital.
He also counseled Goldman Sachs in connection with the investment of $5 billion by Berkshire Hathaway and the U.S. Treasury’s Troubled Asset Relief Program (TARP), and was involved with the sale of Bear Stearns to JPMorgan Chase.
Industry officials see Clayton, if confirmed, pushing a capital formation agenda that may likely include “speeding up” changes to the accredited investor definition as well as ways to promote crowdfunding.