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U.S. Senate confirms Trump's pick for SEC chairman

Xinhua, May 3, 2017 Adjust font size:

U.S. Senate on Tuesday voted to confirm Jay Clayton as the chairman of the Securities and Exchange Commission (SEC), the country's financial sector watchdog.

In a vote of 61-37, the Senate approved Clayton's nomination. His term will expire in 2021.

Clayton, a former partner at law firm Sullivan & Cromwell, has decades of experience on mergers, acquisitions and federal regulatory compliance.

"I look forward to working closely with my fellow Commissioners and the dedicated career staff at the SEC to serve the American public and advance the SEC's important mission," Clayton said in a statement.

During his nomination hearing, Clayton told lawmakers that he favored easing regulations in order to encourage IPOs.

As the SEC chairman, Clayton will be responsible for regulating large banks and would play a role in President Donald Trump's efforts to roll back financial regulations. Endit