The U.S. Office of Government Ethics has cleared President Trump’s choice for Securities and Exchange Commission chairman, Jay Clayton, according to a report published late Friday.
Jay Clayton received a government clearance as a result of the watchdog committee’s approving his financial disclosure forms. Clayton is now one step closer to a Senate confirmation hearing.
The White House will look over the information and alert the Senate Banking Committee to schedule a hearing for the Wall Street attorney.
The Trump administration has campaigned against heavy regulation of the private sector, promising to rescind two regulations for every one added. Clayton intends to address regulations related to accounting and compliance procedures that workers in the financial sector claim obstruct public offerings, according to Reuters.
Currently, two commissioners sit on the five-member SEC panel.
