Trump SEC Nominee: Time to Ease Regulation

The Wall Street Journal writes that Jay Clayton, President Trump's nominee to chair the SEC, responded to an email from a client asking how the President should scale back Wall Street rules and regulations, and that email eventually led to Mr. Clayton being offered the position of SEC Chairman. The Wall Street Journal writes that through his initial memo and subsequent meetings, Mr. Clayton assured the Trump team he shared their fear that public markets have become much less attractive than private fundraising channels, including mutual funds that pour millions into startups that are far from going public.

Additionally, the article notes that Mr. Clayton is expected to testify as soon as March 2nd before the Senate Banking Committee. It notes that Sen. Sherrod Brown, ranking member of the Senate Banking Committee, along with other Democrats, have expressed skepticism that a Wall Street lawyer can effectively enforce the rules enacted under Dodd-Frank intended to prevent a future financial crisis. In 2012, Mr. Clayton co-authored a paper advocating that the U.S. government provide taxpayers with information on the state of the country's finances in the "10-K" format that public companies must use under SEC rules. "The annual reporting requirements imposed upon our public companies to protect and inform their shareholders should be extended to our government," Mr. Clayton and the co-authors wrote. "Our citizens—the shareholders in our great democracy—deserve a candid and accessible assessment of where we stand that comes directly from our leaders."

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