On the recordMay 2, 2017
I oppose the confirmation of Jay Clayton to be a member of the Securities and Exchange Commission. When the stock market crashed in 1929, public confidence in the markets plummeted as well. Investors large and small lost their life's savings. Congress responded with laws to help rebuild public faith in the markets. Thus in the wake of the Great Depression, Congress created the Securities and Exchange Commission to protect investors and maintain fair, orderly, and efficient markets. Congress designed the SEC to see that investors and the markets have reliable information and clear rules for honest dealing. The SEC's job is to make sure that brokers, dealers, and exchanges put investors' interests first. The SEC ensures that companies offering securities for investment tell the public the truth about their businesses, the securities they are selling, and the risks involved. Congress took pains to create the SEC to have some distance from Wall Street. The law provides that no Commissioner can engage in any business or employment other than serving as Commissioner. The law prohibits any Commissioner from participating in any stock transactions of a type that the Commission regulates. Mr. Clayton has extensive experience working in capital markets. He has represented a long list of financial firms. His numerous conflicts may make him captive to the industry that President Trump nominated him to police. One of his better-known clients is Goldman Sachs.…
