SEC’s Clayton Says He Will Depart Regulator Wednesday

U.S. Securities and Exchange Commission Chairman Jay Clayton announced that Wednesday will be his last day leading Wall Street’s top regulator.

Clayton, in a statement posted on the agency’s website, said he submitted a letter to President Donald Trump informing him of his decision to leave the SEC Wednesday.

Jay Clayton

Photographer: Andrew Harrer/Bloomberg

While President-elect Joe Biden will pick a permanent successor to Clayton, Trump will likely install either Hester Peirce or Elad Roisman -- the SEC’s Republican commissioners -- as acting chairman.

Clayton, a former law partner at Sullivan & Cromell whose clients included prominent Wall Street firms, had previously announced that ...