When Donald Trump interviewed Jay Clayton to be his chief securities regulator in December, the then-president elect was fixated on the steep decline in U.S. initial public offerings.

During the meeting at the Mar-a-Lago club in Florida, Trump even cited statistics on the drop, which started two decades ago, said people familiar with their discussion. He was particularly concerned that more companies were choosing to sell their shares overseas, rather than on the New York Stock Exchange and the Nasdaq Stock Market.

The conversation showed Trump's eagerness for the Securities and Exchange Commission to focus on promoting growth, after it has spent years layering tough rules on Wall Street and other industries. In Clayton, a corporate lawyer, the president has nominated an SEC chairman who should know which regulations may need loosening.