11.16.20
On Monday, November 16, Securities and Exchange Commission (SEC) Chairman Jay Clayton released a statement indicating that he would be stepping down from his position at the end of 2020. President-elect Biden has not yet nominated Chairman Clayton’s successor, but many SEC veterans expect the nominee to be tougher on Wall Street, such as former Obama financial staffer Gary Gensler or former U.S. Attorney for the Southern District of New York Preet Bharara. Once confirmed, the Democratic majority commission is expected to shift the agency’s priorities and agenda.