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U.S. Senate Confirms Clayton as SEC Chairman

In a 61-37 vote, the Senate voted to confirm Wall Street lawyer Jay Clayton as chairman of the SEC. Clayton is expected to be sworn in over the next few days. The Wall Street Journal reported that Democratic Senators Sherrod Brown and Elizabeth Warren had tough criticism for Clayton, specifically over his ties to Goldman Sachs Group. The WSJ noted that Clayton takes the helm of the SEC with a friendly Congress behind him along with the support of business trade groups and stock exchanges. During his confirmation hearings Clayton vowed to address corporate wrongdoing and said he would focus on easing the IPO process for companies. His agenda for the mutual fund industry is unclear at this point. Clayton joins the five-person commission, which is down to just three members, including Democratic Commissioner Kara Stein whose support Clayton will need to push through any major agenda items. President Trump has not yet named candidates for the two open commissioner spots.