Stay up-to-date with the latest developments in securities law through access to both news and all statutes and regulations. Find relevant corporate filings through a searchable EDGAR database. And...
The Senate Banking Committee April 4 approved the nomination of corporate lawyer Jay Clayton to lead the SEC, over the objection of some Democrats.
The committee vote was 15-8, with all but three Democrats opposed—Sens. Jon Tester (Mont.), Mark Warner (Va.) and Heidi Heitkamp (N.D.).
The nomination now heads to the floor, where it likely won’t be taken up until the end of April at the earliest. The Senate is considering U.S. Supreme Court nominee Neil Gorsuch this week and then is out of session for the next two weeks.
Clayton is a long-time partner at Sullivan & Cromwell LLP, where has represented large financial institutions and handled large initial public offerings.
Clayton’s client list would require recusal on many enforcement matters, which some Senate Democrats said would undercut the agency’s effectiveness.
Committee Chairman Mike Crapo (R-Idaho) called Clayton “eminently qualified” but said he didn’t know when the full Senate would consider the nomination.
“I think he’s competent to do the job, and he answered the questions that I needed to have answered,” Tester told Bloomberg BNA in a brief interview.
The Securities and Exchange Commission has had only two of five commissioners since former Chairman Mary Jo White stepped down in January. The agency hasn’t had a full slate of commissioners since October 2015, when Dan Gallagher stepped down.
Even when Clayton is confirmed, either of the remaining commissioners, Michael Piwowar or Kara Stein, could block his agenda items by declining to participate in a particular matter, thus denying the agency a quorum.
To contact the reporter on this story: Rob Tricchinelli in Washington at email@example.com
Copyright © 2017 The Bureau of National Affairs, Inc. All Rights Reserved.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to firstname.lastname@example.org.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to email@example.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)