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Bailey McCann, Opalesque New York:

The Senate Banking Committee has voted 15-8 to put corporate lawyer Jay Clayton at the top of the Securities and Exchange Commission.

Clayton is currently a partner at corporate law firm Sullivan & Cromwell, where he has developed deep ties with the industry he is now expected to regulate. Sullivan & Cromwell has previously represented the likes of Barclays and Goldman Sachs as well as troubled Deutsche Bank, which is currently under regulatory scrutiny. At Sullivan & Cromwell, Clayton focused on capital markets and mergers and acquisitions clients.

Clayton is expected to go along with President Trump's plans for deregulation and looser enforcement of the rules that remain.

Clayton's nomination came under pressure from some Democrats on the committee who voiced concerns that Clayton's prior legal work left him hopelessly conflicted. In the end, four Democrats crossed party lines to vote to approve Clayton. Others including Senators Brown and Warren voted against, reiterating concerns about conflicts of interest.

As noted by the New York Times, in his statement to the committee, Clayton said he was committed to stopping fraud and other illegal behavior on Wall Street. Skeptics of his approach to enforcement will no doubt be looking closely at whether and when he recuses himself from SEC actions invol......................

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