Private equity lawyer Jay Clayton will testify before the US Senate Banking Committee on March 23 in his confirmation hearing to become head of the Securities and Exchange Commission.
The former Sullivan & Cromwell attorney, whose clients include Oaktree Capital, Goldman Sachs and Altor Equity Partners, was given clearance by the government’s ethics watchdog on March 3.
Clayton is likely to face strong questioning by more liberal-leaning Democrats on the panel, while the left-leaning Center for American Progress has drafted a 12-page document outlining what it thinks Clayton should be asked during the hearing.
It is concerned Clayton will not be tough on enforcement, not maintain the SEC’s regulatory independence and be unable to resist pressure from companies including big banks seeking special treatment.
Grassroot opposition to Clayton has also sprung up, driven by his connection with Goldman Sachs – he represented the bank and is married to a Goldman partner.
Despite the opposition, Clayton is expected to pass the hearing with a comfortable margin.
He will replace Mary Jo White at the helm of the agency. A further two seats on the five-seat board remain empty.
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