Democrats skeptical about SEC nominee's ties to Wall Street - The Washington Post - 0 views
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Jay Clayton, on Thursday defended his ability to regulate Wall Street despite spending decades helping big banks weather government scrutiny
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Clayton said, he would make sure “our markets are fair, open, orderly, and efficient and . . . that investors are protected
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New York lawyer's deep connections to Wall Street, particularly Goldman Sachs, and inexperience with corporate prosecutions drew skepticism from Democrats
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Clayton, who made more than $7 million last year, is among six people with ties to Goldman Sachs chosen by Trump to serve in his administration.
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He was warmly received by Republicans on the committee, who praised his financial industry experience.
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It seems a little surprising to me that a person's success in a field in which we are asking them to now lead an agency could be a criticism,” said Sen. Mike Crapo
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It should be easier, and cheaper, for companies to sell stock on the public markets, Clayton told them.
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In those cases, Warren said, if the rest of SEC's four commissioners vote along partisan lines, the investigations would stall and the firms could escape being held responsible.
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“I think individual prosecutions, particularly in the white-collar area, have a significant effect on behavior,” Clayton said. “I want to be clear: Companies should be held responsible.”
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Warren said she wants the SEC chair to look into and “put a stop to” any trading advantages Icahn might reap while serving in his new role.
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This article talks about Trump's pick for the SEC, who formerly advised on the deal where Warren Buffet salvaged Goldmann and Sachs with a $5 billion dollar investment. The article says some question his ability, then, to make sure that companies are held responsible for mistakes in the market. He wants to ensure our markets are "fair" which we know is not a term associated with efficiency, so it will be interesting to see if this occurs.