SEC Chairman Announces Plans To Step Down

SEC Chairman Jay Clayton announced his intentions to step down as SEC chairman at the end of the year last Monday.  When appointed to office by an outgoing administration, it’s common for top officials to leave their posts before the new executive is inaugurated.

Hailing from Wall Street, Chairman Clayton pursued easing regulations on banks, particularly those enforced through the Dodd-Frank Act.  Clayton was also vocal about protections for retail investors, and making it easier for smaller companies to raise capital.  In particular to GFOA members, during Clayton’s tenure there were efforts focused on municipal issuer disclosure – a longstanding topic that GFOA has worked on for many years. During remarks at GFOA’s 2019 MiniMuni Conference, Clayton noted “transparency about the timeliness…of municipal issuer financial reporting” and- “more timely and consistent availability of municipal issuer financial disclosures” as areas he identified where additional work was needed.

President-elect Joe Biden is expected to appoint a new SEC Chairman in the coming weeks. See the official press release here.