SEC chairman Clayton to step down at the end of the year

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Securities and Exchange Commission Chairman Jay Clayton is stepping down at the end of the year, The New York Times’ DealBook reported, which then was followed by a confirmation from the agency. Clayton’s term is due to expire in June. “The U.S. capital markets ecosystem is the strongest and most nimble in the world, and thanks to the hard work of the diverse and inclusive SEC team, we have improved investor protections, promoted capital formation for small and larger businesses, and enabled our markets to function more transparently and efficiently,” Clayton said in a statement. The New York Times report speculated that Gary Gensler or Preet Bharara would be President-elect Biden’s choice to lead the agency.
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