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Tags: democrats | donald trump | sec | jay clayton

Dems Criticize Trump's SEC Wall Street Pick

Dems Criticize Trump's SEC Wall Street Pick

(Photo by Alexey Filippov/Sputnik via AP)

Wednesday, 04 January 2017 05:08 PM EST

President-elect Donald Trump's pick to lead the Securities and Exchange Commission has come under fire from Capitol Hill progressives for being too close to Wall Street to crack down on corporate misconduct.

Lawyer Jay Clayton, who has represented big businesses in mergers and acquisitions, as well as public offerings, also has helped corporations and Wall Street firms settle or fight cases brought against them by the federal government, The Hill reported.

"It's hard to see how an attorney who's spent his career helping Wall Street beat the rap will keep President-elect Trump's promise to stop big banks and hedge funds from 'getting away with murder,'" Ohio Sen. Sherrod Brown — the ranking Democrat on the Senate Banking Committee — said in a statement, The Hill reported.

"I look forward to hearing how Mr. Clayton will protect retirees and savers from being exploited, demand real accountability from the financial institutions the SEC oversees, and work to prevent another financial crisis."

California Rep. Maxine Waters, the ranking Democrat on the House Financial Services Committee, had similar concerns.

"Trump's preference for Wall Street insiders calls into question his priorities: is he truly aiming to represent the American people or is he rewarding his pals on Wall Street?" she said in a statement, The Hill reported. "The nomination of Jay Clayton is clear evidence that Trump favors the latter."

Dennis Kelleher, president of financial sector watchdog group Better Markets, said Clayton needs to prove his commitment to protecting Americans.

"While Mr. Clayton may be an excellent lawyer representing Goldman Sachs and Wall Street's too-big-to-fail banks, America's families need to know that he will represent them as zealously and as effectively," he said in a statement, The Hill reported.

The Hill noted the current SEC chair, Mary Jo White, headed law firm Debevoise & Plimpton's litigation department, which represented several high-power Wall Street firms.

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Politics
President-elect Donald Trump's pick to lead the Securities and Exchange Commission has come under fire from Capitol Hill progressives for being too close to Wall Street to crack down on corporate misconduct.
democrats, donald trump, sec, jay clayton
308
2017-08-04
Wednesday, 04 January 2017 05:08 PM
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