ICAR and Co-signers Submit Letter Concerning Mr. Jay Clayton's Confirmation Hearing

Washington, D.C. (March 17, 2017) – ICAR, National Lawyers Guild, Daily Kos, Northwest Coalition for Responsible Investment, and Project on Organizing, Development, Education and Research (PODER) submitted a letter to the U.S. Senate Committee on Banking, Housing, and Urban Affairs today regarding Mr. Jay Clayton's confirmation hearing for Chairman of the United States Securities and Exchange Commission (SEC).

Mr. Clayton’s record indicates that he is more interested in shielding Wall Street institutions from compliance than in protecting investors or serving the public interest. As a Wall Street lawyer, Mr. Clayton defended an Italian multinational oil and gas giant from charges filed by the SEC for violations of the FCPA. A year later, he chaired a committee that drafted a white paper criticizing the FCPA and its implementation. Mr. Clayton has also defended multiple large financial institutions against securities claims brought by regulators while employed at Sullivan & Cromwell LLP. The firm defended Goldman Sachs, JPMorgan Chase, and Barclays against allegations that the banks fraudulently issued or underwrote hundreds of toxic mortgages prior to the subprime collapse.

In light of Mr. Clayton’s troubling track record and dearth of experience ensuring the fairness, stability, and transparency of our financial markets, we urge members of the Senate Banking Committee to vote “no” on his nomination.

The letter can be downloaded here.

For media inquiries, please contact ICAR’s Executive Director, Amol Mehra at amol@icar.ngo or 202-296-0146. For further information on the letter, please contact Sophia Lin, ICAR’s Legal and Policy Associate, at sophia@icar.ngo or 202-296-0147.