(Adds more background, reaction to the planned nomination)
By Sarah N. Lynch
WASHINGTON, Jan 4 (Reuters) - President-elect Donald Trumpsaid on Wednesday he intends to nominate Walter "Jay" Clayton,an attorney who advises clients on major Wall Street deals, tolead the U.S. Securities and Exchange Commission.
"Jay Clayton is a highly talented expert on many aspects offinancial and regulatory law, and he will ensure our financialinstitutions can thrive and create jobs while playing by therules at the same time," Trump in a statement.
"We need to undo many regulations which have stifledinvestment in American businesses, and restore oversight of thefinancial industry in a way that does not harm Americanworkers."
Clayton is a partner in the New York office of law firmSullivan & Cromwell who specializes in advising clients onpublic and private mergers and acquisitions and capital-raisingefforts. He also helps companies navigate regulatory andenforcement actions, including a number of cases that involvedmortgage securities.
Clayton has worked for high-profile clients, including theinitial public offerings of Alibaba Group Holding Company and Oaktree Capital Group.
During the height of the 2008 financial crisis, Clayton alsoworked on major deals involving big banks, including BarclaysCapital's acquisition of Lehman Brothers' assets, thesale of Bear Stearns to JP Morgan Chase, and the U.S.Treasury Department's capital investment in Goldman Sachs, according to his law firm's website.
By selecting an attorney who is deeply steeped incapital-raising deals, Trump is likely signaling that the SECwill be looking to scale back regulations that some critics seeas burdensome and may be hindering corporate growth.
Many Republicans in recent years have criticized the SEC forfocusing too much on enforcement, and not enough on its othermissions, which include writing rules that help promote capitalformation.
"In light of Jay's vast experience in capital formation, his appointment as SEC Chair is a strong positive signal theeconomy is a top priority of President-elect Trump and his team,and that the SEC will work together with Main Street to meet thecountry's economic goals of full employment and healthy growth,"said Jonathan Macey, a professor at the Yale Law School.
(Reporting by Sarah N. Lynch and Doina Chiacu; Editing by ChizuNomiyama and Tom Brown)