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Donald Trump to nominate Wall Street lawyer Jay Clayton to head SEC

 (Associated Press)
(Associated Press)

President-elect Donald Trump intends to nominate Wall Street attorney Jay Clayton to head the Securities and Exchange Commission, transition spokesman Sean Spicer said Wednesday.

Clayton, a partner with New York-based global law firm Sullivan & Cromwell, would succeed Mary Jo White, who announced in November that she would step down at the end of the Obama administration.

Trump reportedly had been considering Los Angeles lawyer Debra Wong Yang, a former federal prosecutor, to head the SEC. The agency is the federal government's top watchdog for Wall Street.

But instead he opted for Clayton, who joins other key Trump nominees with strong Wall Street ties, including Treasury secretary pick Steve Mnuchin and Commerce secretary choice Wilbur Ross.

Clayton’s work has included representing Ally Financial and two other unnamed large financial firms in connection with settlements of federal cases related to toxic mortgages, according to the firm’s website.

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