(Adds detail from the committee meeting, comments from Senators
Brown and Crapo)
By Sarah N. Lynch
WASHINGTON, April 4 The U.S. Senate Banking
Committee voted on Tuesday to advance Jay Clayton's nomination
as the next head of the U.S. Securities and Exchange Commission
to the full Senate for approval.
The committee voted 15 to 8, with some Democrats, including
Massachusetts Senator Elizabeth Warren and Sherrod Brown of
Ohio, voting against him. They have concerns about his close
ties to Wall Street from his career as a deal-making attorney
for the law firm Sullivan & Cromwell.
"Over 20 years at a Wall Street law firm makes you think a
certain way. And that way usually doesn’t involve focusing on
families saving for retirement," said Brown, who is the top
Democrat on the panel.
Despite the misgivings of some Democrats, Clayton is widely
expected to win confirmation by the Senate.
Three of the more moderate Democrats on the panel - Mark
Warner of Virginia, Jon Tester of Montana and Heidi Heitkamp of
North Dakota- joined Republicans in voting to approve the
Once confirmed, Clayton is expected to focus on finding ways
to reduce regulatory burdens to help spur more initial public
offerings and other ways for companies to raise funds.
Senate Banking Chairman Mike Crapo said he was impressed by
Clayton's testimony during his March 23 confirmation hearing, in
which Clayton discussed the need to make U.S. markets more
attractive to help spur jobs and economic growth.
“While some have raised issues about his previous work
creating conflicts, Mr. Clayton is not new in this regard, nor
will he be any less vigilant to ensure that he acts
appropriately and ethically," Crapo said.
(Reporting by Sarah N. Lynch; Editing by Chizu Nomiyama and Dan