President Trump’s nominee to run the Securities and Exchange Commission took a step toward confirmation Tuesday despite Democrats’ stiff opposition, getting approval from the Senate Banking Committee.
The panel advanced former corporate lawyer Jay Clayton’s nomination to the full Senate in a 15-8 vote. Three Democrats voted in favor: Jon Tester of Montana, Mark Warner of Virginia, and Heidi Heitkamp of North Dakota.
During confirmation hearings, Democrats raised the criticism that Clayton’s past representation of financial firms would mean that he would have to recuse himself from numerous enforcement cases, weakening the agency’s oversight.
On Tuesday, Republican chairman Mike Crapo of Idaho dismissed such concerns, saying that Clayton “is not new in this regard, nor will he be any less vigilant to ensure that he acts appropriately and ethically.”
Clayton would be following Obama appointee Mary Jo White, a former corporate lawyer also criticized by some Democrats on the panel for having to recuse herself from cases and for light enforcement.
During his testimony, Clayton said he aimed to review regulations to make it easier for companies to go public and offer shares to investors, a goal in line with Trump’s call to ease the burden of regulations on the private sector.
