SEC nominee will separate from Wall Street clients: report

SEC nominee will separate from Wall Street clients: report
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President Trump's nominee to chair the Securities and Exchange Commission pledged to separate himself from his Wall Street law firm and the clients he represented there, Reuters reported on Wednesday.

Jay Clayton will rid himself of a reported 176 assets, valued at millions of dollars, within 90 days of his confirmation and will recuse himself from issues regarding any former clients from the law firm Sullivan & Cromwell. 

Among those clients, Reuters reported, are Barclays Bank, Royal Bank of Canada and Deutsche Bank AG.

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In disclosure forms, Clayton and his wife reported assets worth between $52.3 million and $130.4 million. It is not clear exactly which assets the SEC nominee will get rid of to comply with ethics requirements.

Clayton, a Wall Street attorney specializing in corporate mergers and acquisitions, is set to appear in front of the Senate Banking Committee for his confirmation hearing on March 23.