SEC Chair Jay Clayton stepped down effective as of December 23, 2020.
Mr. Clayton, who has led the SEC since May 2017, previously announced his intention to leave the agency by the end of 2020.
In his formal letter of resignation to President Donald J. Trump, Mr. Clayton characterized SEC efforts over the past three years, stating:
"[W]e focused on modernizing our regulatory framework, adopting over 90 rules, many in areas that had not been substantively addressed in decades. Importantly, our inspection and enforcement efforts focused on the needs of those tens of millions of American households. We obtained orders for over $14 billion in monetary remedies in enforcement actions and returned a record of approximately $3.5 billion to harmed investors."
A new chairperson has not yet been named to lead the SEC.
Commentary
Chair Clayton had a successful tenure. From a policy perspective, he succeeded in reducing burdens on issuers registered with the SEC and facilitating capital raising. Beyond these, he oversaw the adoption of quite a number of rules necessary to implement Dodd-Frank, including Regulation Best Interest and much of the framework for the regulation of security-based swaps.
Primary Sources
- SEC Statement, Jay Clayton: Statement of SEC Chairman Jay Clayton
- SEC Statement, Elad Roisman: Statement on the Tenure of SEC Chairman Jay Clayton
- SEC Statement, Hester M. Peirce: Statement on the Departure of Chairman Jay Clayton
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
