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次期証券取引委員会委員長—Jay Clayton

Clayton is a partner at Sullivan & Cromwell, a well-known law firm, and has represented some of the biggest names on Wall Street, including Goldman Sachs, and helped them weather regulatory scrutiny. He also has helped large companies raise money through an initial public offering, including Alibaba, a Chinese retail giant that held one of the largest IPOs in history. But, according to the biography on the Sullivan & Cromwell website, Clayton has not held any government positions and has never served as a prosecutor.

Yet Mr. Clayton’s nomination will be sure to fuel criticism that Goldman Sachs could wield too much influence in the Trump administration. Sullivan & Cromwell, where Mr. Clayton is a partner, has been Goldman’s go-to law firm for more than a century. Mr. Clayton advised Goldman Sachs on perhaps its most important deal, the $5 billion investment by Warren E. Buffett’s Berkshire Hathaway amid the financial crisis. Mr. Clayton’s wife works as a private-wealth adviser at Goldman.

via DealLawyers, Sullivan & Cromwell

大統領選の結果に関するメモランダム

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President-Elect Trump’s transition website promises to “dismantle the Dodd-Frank Act and replace it with new policies to encourage economic growth and job creation.” To help our clients keep up with the reorientation of the financial regulatory framework, Davis Polk is launching a new blog, FinRegReform.com. Our most recent entry on the blog is our memorandum on Rep. Jeb Hensarling’s (R-TX) Financial CHOICE Act, introduced earlier this year, which we view as a starting point that signals a potential general direction of travel for financial reform. It is not the end, however, as we expect that the Republican Congress and Administration will have more ambitious plans for changes to the regulatory framework, and complex negotiations both within the Republican Party and with Democrats will further shape the ultimate result. The first post on our blog describes, in more technical detail, how a regulatory rollback might work.