Senate Committee Set to Vote on Clayton’s SEC Nod

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By Rob Tricchinelli and Andrew Ramonas

President Donald Trump’s pick to lead the SEC, corporate lawyer Jay Clayton, is scheduled for an April 4 vote by the Senate Banking Committee.

Clayton is expected to be approved by the committee, even though committee Democrats have been silent on whether they will support his nomination.

Confirmation by the full Senate is also likely but probably won’t happen until the end of April at the earliest. The Senate has targeted April 7 as its confirmation date for U.S. Supreme Court justice nominee Neil Gorsuch, after which it has a two-week break scheduled.

In the other chamber, the House is scheduled to vote on two securities bills: One would lessen the disclosure requirements for companies that give stock options to employees, and another would widen investor eligibility for early-stage venture capital funds.


At the Securities and Exchange Commission, the Equity Market Structure Advisory Committee will meet April 5 to discuss preliminary recommendations related to Regulation National Market System Rule 611 and immunity that exchanges have from lawsuits. Rule 611, known as the “order protection” or “trade through” rule, generally requires exchanges to send orders to other exchanges that quote a better price.

Acting SEC Chairman Michael Piwowar, Commissioner Kara Stein and Heather Seidel, acting director of the Division of Trading and Markets, will speak at the gathering at the commission’s headquarters.

Other SEC officials will make public appearances during the week as well.

Stephanie Avakian, the Enforcement Division’s acting director, will take part in a discussion on managing financial firm data breaches during Cybersecurity Docket’s Incident Response Forum in Washington April 4. Peter Driscoll, the acting director of the Office of Compliance Inspections and Examinations, will give the keynote address at Regulatory Compliance Watch’s annual investment adviser compliance conference in Washington April 6.

To contact the reporters on this story: Rob Tricchinelli in Washington at; Andrew Ramonas in Washington at

To contact the editors responsible for this story: Phyllis Diamond at; Seth Stern at

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