The U.S. Senate voted largely along partisan lines 61-37 on Tuesday evening to confirm attorney Jay Clayton as head of the Securities and Exchange Commission.
Clayton most recently served as a partner at the firm of Sullivan and Cromwell, LLP, and has served as a legal advisor while defending financial institutions during the 2008-2010 financial crisis. He also served in an advisory role during the Goldman Sachs bailout.
Clayton also represented drug maker Valeant Pharmaceuticals, Deutsche Bank and Volkswagen, during each of these company’s recent legal issues.
Nominated by President Trump for the position, Clayton has urged the reversal of financial regulations put in place during the Obama presidency, although he has stated that he does not have plans to completely roll back Dodd-Frank.
Clayton’s wife Gretchen is a private wealth advisor for Goldman Sachs.
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