New SEC Chair Confirmed
The U.S. Senate voted on Tuesday to confirm attorney Jay Clayton to head the Securities and Exchange Commission (SEC). Mr Clayton has a long career as a Wall Street attorney, including as a Partner in the prominent law firm Sullivan & Cromwell. At his confirmation hearing Mr Clayton indicated that his work would include a focus on ways to enhance capital formation in that market. The new Chairman will be obliged to recuse himself from SEC investigations into a number of high profile financial firms, having previously served them in an advisory capacity. Read more here.