Trump picks Wall Street lawyer to lead SEC

President-elect Donald Trump chose Wall Street lawyer Jay Clayton as his pick to lead the Securities and Exchange Commission. 

Clayton advised Goldman Sachs on its government bailout and his wife Gretchen currently works at the bank as a private wealth adviser.

"We need to undo many regulations which have stifled investment in American businesses, and restore oversight of the financial industry in a way that does not harm American workers," Trump said in a statement.

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