Washington DC– Today the Senate Banking Committee voted 15-8 to confirm Jay Clayton as Chair of the Securities and Exchange Commission. The appointment now heads to the full Senate for a floor vote.
“With today’s vote, the majority on the Senate Banking Committee have taken the idea of letting the fox guard the henhouse to unprecedented levels. This is more like cooking the hens and serving them on a platter to the fox. Jay Clayton’s entire career of representing major Wall Street banks, advancing their interests at the expense of the public, helping them avoid accountability, stands in contradiction to the very mission of the agency he has been nominated to lead.
“Democrats who opposed this pick clearly understand Clayton’s profound wrongness for the office. Those who voted in favor of his appointment — both Democrats and Republicans –will have some explaining to do to constituents who are sick and tired of letting Wall Street continue rig the economy so all of the gains go to those at the very top.”