This week, President-Elect Donald Trump announced the nomination of Sullivan & Cromwell attorney Walter "Jay" Clayton as the next Chair of the Securities and Exchange Commission. A corporate transactions and securities attorney, Mr. Clayton's nomination fits into the mold of other major Trump Cabinet position nominees - non-politicians with extensive business experience. However, Mr. Clayton's background also compares closely to the experience of past SEC Chairs many of whom, including current Chair Mary Jo White, have also practiced securities and M&A law at high profile firms prior to their appointment. The choice of Mr. Clayton, a deal lawyer who has represented major financial institutions in significant M&A and other transactions, sends a signal that the SEC under Trump will focus heavily on the capital formation and market efficiency elements of the SEC's core objectives. In announcing the appointment, President-Elect Trump indicated that "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" and that Mr. Clayton was well-positioned to lead the SEC in this endeavor. Senate Democrats pounced on Mr. Clayton's nomination with Senate Banking Committee Ranking Democrat Sherrod Brown (D-OH) noting "[i]t's hard to see how an attorney who’s spent his career helping Wall Street beat the rap will keep President-elect Trump’s promise to stop big banks and hedge funds from ‘getting away with murder.'" As noted, Mr. Clayton will likely lead the SEC to promote capital formation, easing regulations implemented over the past eight years which are viewed as restrictive and job-harming. Given that little is know about Mr. Clayton's views on specific regulations, it is difficult to predict what Mr. Clayton's regulatory priorities will be should he be confirmed, but he has been critical of Dodd-Frank generally in the past.