SEC Chair Nominee Clayton's Ethics Report Reveals Range of Possible Conflicts
March 08 2017 - 11:29AM
Dow Jones News
By Dave Michaels
WASHINGTON -- President Donald Trump's nominee to lead the U.S.
Securities and Exchange Commission earned more than $7.6 million
over the past year as one of Wall Street's top lawyers, handling
stock offerings and corporate mergers and acquisitions, according
to disclosures released Wednesday.
Jay Clayton, a partner at Sullivan & Cromwell LLP whose
Senate confirmation hearing is scheduled for March 23, also has
investments in a long list of private-equity funds managed by firms
such as Warburg Pincus LLC, Bain Capital, and J.C. Flowers &
Co. LLC. His law firm's clients have included Ally Financial Inc.,
Barclays PLC, Brown Brothers Harriman & Co., Goldman Sachs
Group Inc., and Deutsche Bank AG, the financial disclosure report
said.
The holdings show that Mr. Clayton will likely face sharp
questions from Senate Democrats about potential conflicts of
interest. Under SEC ethics rules, Mr. Clayton will probably have to
recuse himself from any specific agency business that pertains to
companies he has represented or investments he has owned.
Mr. Clayton's wife, Gretchen Butler Clayton, is a financial
adviser at Goldman Sachs. The form doesn't reveal her income, but
says she owns between $100,001 and $250,000 in restricted stock
that was likely part of her past compensation. Ms. Clayton plans to
resign from the firm if her husband is confirmed by the Senate, a
person familiar with the matter has said.
Write to Dave Michaels at dave.michaels@wsj.com
(END) Dow Jones Newswires
March 08, 2017 11:14 ET (16:14 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
Barclays (NYSE:BCS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Barclays (NYSE:BCS)
Historical Stock Chart
From Apr 2023 to Apr 2024
