SEC to Refocus Enforcement Priorities
By John Crabb
May 17, 2017, International Financial Law Review
First impressions of President Trump’s pick to be Securities and Exchange Commission (SEC) chairman suggest he is likely to trigger an enforcement rollback. But widespread rollbacks are unlikely, however, with a shift in SEC priorities a more viable outcome.
Jay Clayton officially took office on May 2, after being approved by the Senate. Having worked with as many as eight of the 10 largest U.S. banks during his tenure at Sullivan & Cromwell, the chairman’s Wall Street background raised concerns among Democrats that he could have a significant conflict of interest. In addition, Clayton has been fast to fill a number of key roles at the SEC with individuals from a similar background – for instance, general counsel Robert Stebbins and chief of staff Lucas Moskowitz.
