Clayton says he will exit SEC Wednesday

Securities and Exchange Commission Chairman Jay Clayton announced that Wednesday will be his last day leading Wall Street’s top regulator.

Clayton, in a statement posted on the agency’s website, said he submitted a letter to President Donald Trump informing him of his decision to leave the SEC Wednesday.

While President-elect Joe Biden will pick a permanent successor to Clayton, Trump will likely install either Hester Peirce or Elad Roisman the SEC’s Republican commissioners as acting chairman.

Clayton, a former law partner at Sullivan & Cromwell whose clients included prominent Wall Street firms, had previously announced that he planned to step down by the end of the year.

[More: Jay Clayton’s legacy at the SEC: Productive or partisan?]

The post Clayton says he will exit SEC Wednesday appeared first on InvestmentNews.

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