President Trump’s nominee to lead the Securities and Exchange Commission will have a confirmation hearing on March 23, the Senate Banking Committee announced Tuesday night.
Jay Clayton, a Wall Street lawyer, will be considered to be the chairman of the currently understaffed regulatory agency.
His hearing will be among the first activities of the committee under new chairman Sen. Mike Crapo of Idaho. This week and next, the panel will also consider some securities bills, reauthorization of the flood insurance program, and Russia sanctions.
Clayton, a lawyer at the corporate firm Sullivan & Cromwell, has represented a broad swath of the financial industry, including major financial firms that ran into trouble during the financial crisis.
Already, some Democrats in Congress, including members of the Banking Committee, have expressed opposition to Clayton because he represented big banks.
Even with Clayton’s confirmation, the SEC would be short two commissioners. Trump has yet to announce nominations for those slots.
