Trump picks Wall Street lawyer Jay Clayton for SEC chairman

President-elect Donald Trump wants Wall Street lawyer Jay Clayton to be chairman of the Securities and Exchange Commission.

Trump said in a statement that Clayton is “a highly talented expert on many aspects of financial and regulatory law.” Trump said his nominee will work to ensure that financial institutions “can thrive and create jobs while playing by the rules at the same time.”

The Senate must OK the nomination of Clayton, a partner at Sullivan & Cromwell LLP.

Clayton is the latest Trump pick with deep ties to Wall Street — having represented Goldman Sachs Group Inc. and Barclays Capital Inc.

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Trump says he wants to undo many regulations that he says have “stifled investment” in Americans businesses.

Clayton says he’ll “carefully monitor” the financial sector and set policies that encourages companies to create jobs.