On November 17, the day after announcing he would step down as Chairman of the U.S. Securities and Exchange Commission (SEC) at the end of 2020, Chairman Jay Clayton made what is likely to be his final appearance testifying before the Senate Banking Committee. The hearing titled “Oversight of the Securities and Exchange Commission” was widely used by Republicans and Democrats to compliment Clayton’s tenure and his ability to foster a constructive dialogue despite ideological differences. The issues Senators addressed at the hearing included shareholder voting, ESG investing, COVID-19, human capital, stock buybacks, IPOs, beneficial ownership, Dodd-Frank, accredited investors, and financial transaction taxes, and may point to a short term roadmap for the agency. These issues could surface during the confirmation hearings of President-elect Biden’s nominee to lead the SEC. Clayton, who identifies as an independent, typically votes with the two Republican commissioners. Once his replacement is confirmed, the Democrat majority commission is expected to enhance ESG disclosures, be less enthusiastic for expanding private markets, and could revisit Regulation Best Interest.