SEC Chair Jay Clayton to Step Down Next Month

SEC Chairman Jay Clayton
Jay Clayton, Chairman of the U.S. Securities and Exchange Commission

Securities and Exchange Commission (SEC) Chairman Jay Clayton said on Nov. 16 that he will step down at the end of the year.

Clayton led the agency for the past three and a half years. He oversaw a variety of changes in the financial markets.

"Working alongside the incredibly talented and driven women and men of the SEC has been the highlight of my career," Clayton said in a statement. His term would have expired in June 2021.

Clayton's tenure concludes following a period where the SEC extracted $14 billion in a number of fines and agreements with regulatory standards violators. This also included a record $4.68 billion in fiscal 2020.

While markets became increasingly more complex and automated, the SEC watched for and prevent glitches that were common earlier in the decade....

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