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Congress Confirms Another Former Goldman Sachs Honcho For Trump

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Congress Confirms Another Former Goldman Sachs Honcho For Trump

WASHINGTON ― The Senate voted Monday to confirm Jay Clayton as chairman of the Securities and Exchange Commission, making a Wall Street power lawyer one of the nation’s top financial regulators.

Clayton, a partner at the elite corporate law firm Sullivan & Cromwell, is also one of several top Trump appointees with a Goldman Sachs background, having served as the megabank’s bailout attorney in 2008. Trump’s top economic advisor, Gary Cohn, White House chief strategist Steve Bannon and Treasury Secretary Steven Mnuchin all enjoyed lucrative careers at Goldman.

Clayton appeared skeptical of government regulations during his confirmation hearing before the Senate Banking Committee, repeatedly suggesting that an overly aggressive SEC was hurting “capital formation” and preventing small businesses from selling stock to the general public. The SEC has authority over important bank regulations, insider trading...

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