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Senator Elizabeth Warren Expresses Skepticism about SEC Chair’s Real Agenda

Courtesy of Pam Martens

Senator Elizabeth Warren Questions SEC Chair Jay Clayton During Senate Banking Committee Hearing, September 26, 2017

Senator Elizabeth Warren Questions SEC Chair Jay Clayton During Senate Banking Committee Hearing, September 26, 2017

Donald Trump’s pick for Chairman of the Securities and Exchange Commission, Jay Clayton, had good reason to be nervous yesterday morning as he prepared to testify before the U.S. Senate Banking Committee. The ranking member of that Committee, Senator Sherrod Brown, had previously made his feelings known about Clayton’s fitness to serve as Wall Street’s top cop prior to Clayton’s Senate confirmation. Brown had stated:

“It’s hard to see how an attorney who’s spent his career helping Wall Street beat the rap will keep President-elect Trump’s promise to stop big banks and hedge funds from ‘getting away with murder.’ I look forward to hearing how Mr. Clayton will protect retirees and savers from being exploited, demand real accountability from the financial institutions the SEC oversees, and work to prevent another financial crisis.”

Wall Street On Parade did further investigation of Clayton around the time of his pending Senate confirmation and found that over the prior three years, Clayton had represented 8 of the 10 largest Wall Street banks as a law partner at Sullivan & Cromwell, where he had been employed for two decades.

Another problem for Clayton on the Senate Banking Committee is Senator Elizabeth Warren, who is known for coming to hearings armed with a deep trove of facts and statistics on Wall Street’s big, bad banks. Clayton seemed totally unprepared for Warren’s line of questioning yesterday, giving answers that raised further questions as to whose interests he was really representing.

SEC Chair Jay Clayton Responds to Questioning by Senator Elizabeth Warren During Senate Banking Committee Hearing, September 26, 2017

SEC Chair Jay Clayton Responds to Questioning by Senator Elizabeth Warren During Senate Banking Committee Hearing, September 26, 2017

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