Trump picks top Wall Street lawyer, Jay Clayton, to chair SEC

One of the financial sector's top regulators will soon have a new leader, as President-elect Donald Trump announced Wednesday that he plans to nominate a top Wall Street lawyer to fill the position of chair of the Securities and Exchange Commission. Trump chose Jay Clayton, who represented Goldman Sachs, Bear Stearns, Ally Financial, Barclays Capital and a number of other large financial institutions during and after the financial crisis, to serve as the new chair of the SEC.