President-elect Donald Trump named Wall Street lawyer Jay Clayton to head the Securities and Exchange Commission on Wednesday.
"Jay Clayton is a highly talented expert on many aspects of financial and regulatory law, and he will ensure our financial institutions can thrive and create jobs while playing by the rules at the same time," Trump said in a statement. "We need to undo many regulations which have stifled investment in American businesses, and restore oversight of the financial industry in a way that does not harm American workers."
Clayton is a partner at the firm Sullivan & Cromwell and has represented big Wall Street names, including Goldman Sachs and Barclays, during his career, the Washington Post reported. He has also advised many high-net-worth families on their investments.
"We will carefully monitor our financial sector, as we set policy that encourages American companies to do what they do best: create jobs," Clayton said in a statement.
Trump's newest pick for the incoming administration will be expected to be a key player in rollbacking back regulations, including those implemented during President Obama's tenure, such as through the Dodd-Frank Act.
Clayton will need to be confirmed by the Senate before he can take over the position.
He will be succeeding current SEC head Mary Jo White, who announced she would resign after the election.