What the Future of S.E.C. Enforcement Holds Under Jay Clayton
By
Jay Clayton is President Trump’s nominee for chairman of the Securities and Exchange Commission.CreditPablo Martinez Monsivais/Associated Press
A frequently told story about the Securities and Exchange Commission’s adoption of Rule 10b-5, the principal antifraud rule used in hundreds of cases every year, is that after the five commissioners reviewed the proposal, the only one to speak was Sumner Pike, who simply said, “Well, we are against fraud, aren’t we?”
That captures well the approach of Jay Clayton, President Trump’s nominee for chairman of the S.E.C., at his hearing before the Senate Banking Committee last week. His prepared statement asserted that “I am 100 percent committed to rooting out any fraud and shady practices in our financial system.”…
What the Future of S.E.C. Enforcement Holds Under Jay Clayton
