Nov. 16 (UPI) — Securities and Change Fee Chairman Jay Clayton mentioned Monday he’s stepping down from his publish later this yr.
President Donald Trump named Clayton to guide the SEC in 2017 and he grew to become one of many longest-serving leaders within the administration.
“Working alongside the extremely proficient and pushed ladies and men of the SEC has been the spotlight of my profession,” Clayton mentioned in an announcement Monday.
“The U.S. capital markets ecosystem is the strongest and most nimble on this planet, and because of the onerous work of the varied and inclusive SEC staff, we have now improved investor protections, promoted capital formation for small and bigger companies, and enabled our markets to operate extra transparently and effectively.”
The SEC touted greater than $14 billion in financial cures, together with a report $4.7 billion in fiscal 2020, and returned about $3.5 billion to harmed traders throughout Clayton’s tenure. It paid some $565 million to whistle-blowers, together with the most important single award in this system’s historical past, $114 million.
“I’m additionally grateful to my fellow commissioners and the SEC workers for his or her dedication,” Clayton added. “By means of their continued service, I do know the SEC is well-positioned for extended success.”
Underneath Clayton, SEC enforcement instances elevated barely greater than they did underneath predecessor Mary Jo White, who headed the company between 2013 and 2017. The SEC underneath Clayton introduced simply 32 insider-trading actions in 2019, the bottom quantity since 2016.
Clayton’s SEC introduced high-profile actions in opposition to Tesla founder Elon Musk and Elizabeth Holmes, who ran now defunct well being expertise firm Theranos.
Earlier this yr, Clayton advised U.S. Lawyer Common William Barr he was fascinated with changing Geoffrey Berman as U.S. Lawyer for the Southern District of New York, despite the fact that he had no litigation expertise. He in the end moved away from that request.