Clayton is currently a partner with Sullivan & Cromwell LLP and brings decades of experience helping companies navigate complex federal regulations to the position. His expertise is in cross-border and trans-national mergers and acquisitions.

According to president-elect Trump’s transition team, Clayton will work to encourage investment in US companies while providing strong oversight of Wall Street and related industries. The statement added that ‘robust accountability will be a hallmark of his tenure atop the SEC, and the financial security of the American people will be his top priority’.

Clayton’s nomination is subject to confirmation by the US Senate.

The current chair has been in post since April 2013, when she was sworn in as the 31st chair of the SEC. She was nominated to post by President Barack Obama in February 2013 and confirmed by the Senate in April 2013. Chair White arrived at the SEC with decades of experience as a federal prosecutor and securities lawyer.