Jay Clayton (attorney)
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| Jay Clayton | |
|---|---|
| File:Jay Clayton.jpg | |
| 32nd Chairman of the Securities and Exchange Commission | |
| Assumed office May 4, 2017 |
|
| President | Donald Trump |
| Preceded by | Mary Jo White |
| Personal details | |
| Spouse(s) | Gretchen |
| Education | University of Pennsylvania (B.S.Eng., J.D.) University of Cambridge (B.A., M.A.) |
Walter J. "Jay" Clayton III is an American attorney and Chairman of the U.S. Securities and Exchange Commission.
Contents
Education
Clayton received his Bachelor of Science in Engineering (B.S.Eng.) from the University of Pennsylvania in 1988, and received the Thouron Award for post-graduate study in the United Kingdom. He received a Bachelor of Arts (B.A.) and Master of Arts (M.A.) in economics from the University of Cambridge in 1990.[1] He earned his Juris Doctor (J.D.) from the University of Pennsylvania Law School in 1993.[2]
Career
From 1993 to 1995, Clayton clerked for Marvin Katz, judge of the United States District Court for the Eastern District of Pennsylvania.[3]
At Sullivan & Cromwell, Clayton was co-managing partner of the firm's General Practice Group.[4] He specialized in mergers and acquisitions transactions and capital markets offerings[3] and represented prominent Wall Street firms, including Goldman Sachs.[5] He served as an adviser to numerous companies regarding issues related to the Federal Reserve, SEC, Department of Justice and other agencies.[6]
He has also helped multiple corporations raise money through initial public offerings, including Alibaba Group,[7] Ally Financial, Och-Ziff Capital Management, Oaktree Capital Management, Blackhawk Network Holdings, and Moelis & Company.[3] During the financial crisis of 2007–2008, Clayton advised Bear Stearns in its fire sale to JPMorgan Chase in 2007 and Barclays Capital in the purchase of Lehman Brothers' assets following their bankruptcy.[2]
Clayton disclosed to the United States Office of Government Ethics that his clients have included Deutsche Bank, UBS, Volkswagen, SoftBank Group, The Weinstein Company, Reid Hoffman, Paul Tudor Jones, Ocwen’s leader, as well as both Pershing Square Capital Management and Valeant Pharmaceuticals.[8]
Clayton earned $7.6 million a year from his firm and has a family wealth of at least $50 million, with his wealth management entrusted to Apollo Global Management, Bain Capital, J.C. Flowers & Co., and Richard C. Perry.[8]
SEC Chairman
Nomination and confirmation
On January 4, 2017, President Donald Trump nominated Clayton to be SEC Chairman.[9] Clayton’s nomination was endorsed by Manhattan District Attorney Cyrus Vance Jr.[8] U.S. Senator Catherine Cortez Masto, a Democrat representing Nevada, expressed concern that Clayton represented TeliaSonera in its deal with Mikhail Fridman combining Russian telecommunications companies MegaFon and Altimo.[8] On April 4, 2017, the Senate Banking Committee voted 15-8 to take Clayton's nomination to the full Senate, with three Democrats voting in favor of Clayton.[10]
On May 2, 2017, the U.S. Senate voted 61-37 to confirm Clayton as Chairman of the SEC. Votes cast in favor of Clayton's confirmation included nine Democrats and one Independent alongside 51 Republican votes.[11] On May 4, 2017, Clayton was sworn in, marking the official beginning of his role as Chairman.[12]
Tenure
Upon Clayton's swearing-in, the SEC Commission consisted of Clayton; Michael Piwowar, who was serving as acting Chairman; and Kara Stein. While Clayton has not released a formal agenda for his role as Chairman, some predict that he will look to encourage initial public offerings (IPOs) of companies and streamline the capital formation process by reducing the regulatory framework that applies to public companies in the United States.[12][13] In connection with the nomination of Clayton in January, President Trump said in a statement that "[w]e need to undo many regulations which have stifled investment in American businesses, and restore oversight of the financial industry in a way that does not harm American workers."[14]
Professional memberships and activities
Clayton is a member of the American Bar Association, served as an Adjunct Professor at University of Pennsylvania Law School beginning in 2009, and was Chairman of the New York City Bar Committee on International Business Transactions beginning in 2010.[6]
Publications
- "US proves flexible on Sarbanes-Oxley for foreigners", International Law Review, March 2003 (Co-Author)
- “We Don’t Need a Crisis to Act Unitedly Against Cyber Threats”, Knowledge@Wharton, June 2015 (Co-Author)
- “The FCPA and its Impact on International Business Transactions – Should Anything be Done to Minimize the Consequences of the U.S.’s Unique Position on Combating Offshore Corruption?” International Business Transactions Committee, New York City Bar Association, December 2011 (Chair of the Drafting Committee)
- “USA 10-K: Why America Needs an Annual Report” Knowledge@Wharton, July 2012 (Co-Author)
Personal life
Clayton's wife, Gretchen, works at Goldman Sachs, and once had a small retirement account managed by Omega Advisors.[8] Clayton stated his wife would resign from her job after he is confirmed.[8]
References
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| Political offices | ||
|---|---|---|
| Preceded by | Chair of the Securities and Exchange Commission 2017–present |
Incumbent |
