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Trump Picks Insider to Lead SEC

Sullivan & Cromwells Jay Clayton tapped to chair agency

By Ben Bain and Robert Schmidt, Bloomberg | Updated on January 04, 2017

Donald Trump assailed Wall Street on the campaign trail, and frequently criticized his political opponents for their ties to Goldman Sachs Group Inc. Now Trump is relying on a lawyer who has spent his career representing financial firms, and has his own close ties to Goldman, to lead Wall Street’s top regulator.

Trump will nominate Sullivan & Cromwell partner Jay Clayton to run the Securities and Exchange Commission, the president-elect’s transition team said in a statement Wednesday. Clayton’s clients represent a virtual who’s who of industry titans, including hedge funds, private equity firms and Goldman, where his wife has worked for almost two decades.

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