President-elect Donald Trump Donald John TrumpTrump says he doesn't think he could've done more to stop virus spread Conservative activist Lauren Witzke wins GOP Senate primary in Delaware Trump defends claim coronavirus will disappear, citing 'herd mentality' MORE announced on Wednesday that he's selected Wall Street lawyer Jay Clayton to helm the U.S. Securities and Exchange Commission (SEC).

“Jay Clayton is a highly talented expert on many aspects of financial and regulatory law, and he will ensure our financial institutions can thrive and create jobs while playing by the rules at the same time," Trump said in a statement.

"We need to undo many regulations which have stifled investment in American businesses, and restore oversight of the financial industry in a way that does not harm American workers.”

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Clayton is a partner at Sullivan & Cromwell LLP, where he works on “public and private mergers and acquisitions, capital markets offerings and regulatory proceedings.”

Incoming White House press secretary Sean Spicer called Clayton a “highly talented expert” on financial regulatory law.

Clayton has penned publications on regulatory law and has also worked as an adjunct professor at University of Pennsylvania’s law school.

The transition release said Clayton will be responsible for “encouraging investment in American companies,” as well as “providing strong oversight of Wall Street and related industries.”