Hearings Scheduled for SEC Chair Nominee; Possible Conflicts Seen in Personal Holdings, Wall Street Ties

A U.S. Senate panel has set March 23, 2017 for confirmation hearings for SEC Chairman Nominee Jay Clayton, a partner at a New York law firm. Based on Clayton’s financial disclosures as reported on by the Wall Street Journal, Clayton is likely to face tough questions from lawmakers regarding possible conflicts of interest regarding his personal holdings and the financial companies his law firm has represented. A Democratic-leaning think tank released a document outlining questions and issues it believes Clayton should be asked, including questions on: Clayton’s commitment to financial regulatory and enforcement independence, investor protection, and improving disclosure. A report from Reuters noted that grassroots organizations have launched a campaign to oppose Clayton’s nomination because of his ties to Wall Street. According to the Reuters report, current and former SEC staff told the news service they are “upbeat about Clayton’s nomination.”