The banking panel has scheduled Clayton’s confirmation hearing for March 23. Even if Democrats unite against Clayton, he’s still expected to secure enough votes from Republicans to get approval.
Since White stepped down as SEC chairman in January, the five-member agency has had just two commissioners, Republican Michael Piwowar, who is serving as acting chair, and Democrat Kara Stein.
With commissioner seats empty and Piwowar and Stein being members of different political parties, the regulator has been working on non-controversial policies. Clayton will be expected to help the Trump administration advance its stated agenda of rolling back rules should he win Senate confirmation.
This article was provided by Bloomberg News.