The Senate Banking Committee is expected to approve Jay Clayton for SEC Chair next Tuesday (April 4th) following a fairly routine confirmation hearing earlier this month. Clayton will then move to the full Senate for a vote – an event that is expected to take place later in April.
President Trump’s selection for Chair of the Securities and Exchange Commission is expected to be part of the broader push to tackle a growing regulatory morass that has undermined the efficiency of financial markets. Critics of the SEC point to actions by the Commission that have played into partisan politics as opposed to focusing on improving capital formation and reducing barriers that have arisen over past years. Specifically, Clayton may be expected to address issues regarding smaller companies and the challenges they endure such as compliance mandates that have little value but are expensive to maintain. Clayton will be joining the Commission around the same time as the first Small Business Advocate is selected to work with the Commission to accomplish its goals.