Jay Clayton, Chairman of the Securities and Exchange Commission, has confirmed that he will conclude his tenure at the end of this year.
Chairman Clayton was sworn in on May 4, 2017, and will leave the SEC as one of its longest serving Chairs, according to a Nov. 16 press release. 
The announcement included a recitation of work at the SEC during Clayton’s tenure, including the controversial Regulation Best Interest, or Reg BI as it’s more commonly cited. A lawsuit originally filed by the XY Planning Network in September 2019 and rejected by the 2nd U.S. Circuit Court of Appeals last June challenged the rule as “arbitrary and capricious.”
Additionally, the press release notes that under Clayton’s tenure, the following occurred:
- Ordered more than $14 billion in monetary remedies, including a record $4.68 billion in fiscal year 2020, and returned approximately $3.5 billion to harmed investors.
- More than 10,000 exams, including a record for the number of investment adviser exams in fiscal year 2018.
- Payment of approximately $565 million to whistleblowers, including the largest single award in the program’s history ($114 million).
- Advanced more than 65 final rules to date from the Commission’s policy divisions and offices.
Back in June, following a bizarre chain of announcements, counter-announcements and restatements, the sometimes controversial chairman of the Securities and Exchange Commission looked to be vying for a new position.
“I would like to thank President Trump for the opportunity, and the support and freedom, to lead the women and men of the SEC,” commented Chairman Clayton. “In addition, the cooperation and assistance of Secretary Mnuchin and his team at the Department of the Treasury, Chair Powell and Vice Chair Quarles and their colleagues at the Federal Reserve, Chairmen Giancarlo and Tarbert and the CFTC, Chairman McWilliams and the FDIC, and our other fellow federal financial regulatory agencies have been remarkable. I also want to thank my immediate predecessor, Mary Jo White, and all former Chairs of the Commission. The opportunities we have had are a result of their efforts and stewardship. I am also grateful to my fellow Commissioners and the SEC staff for their dedication. Through their continued service, I know the SEC is well-positioned for prolonged success.”
