New York
As chairman of the SEC, Clayton would help police many of the same large banks he has spent decades representing, including Goldman Sachs and Barclays. He also would play a key role in Trump’s efforts to dismantle parts of 2010’s financial reform legislation, known as the Dodd-Frank Act. Clayton brings “decades of experience helping companies navigate complex federal regulations” and would “play an important role in unleashing the job-creating power of our economy,” according to a statement issued by Trump’s transition office announcing Clayton’s nomination.
The nomination immediately drew rebuke from progressive groups, which have been critical of Trump’s track record of nominating Wall Street insiders for high-level positions, despite being critical of the industry during the presidential campaign. Trump has nominated Steven Mnuchin, a 17-year veteran of Goldman Sachs, to be Treasury secretary, and Stephen K. Bannon, Trump’s chief strategist, worked on mergers and acquisition deals for the bank.