Jay Clayton, who has led the Securities and Exchange Commission for the past three and a half years that included a number of major changes in financial markets, said Monday he will step down at the end of the year.
“Working alongside the incredibly talented and driven women and men of the SEC has been the highlight of my career,” Clayton said in a statement. His term would have expired in June 2021.
His tenure ends following a period in which the SEC extracted some $14 billion in various fines and agreements with violators of regulatory standards. That included $4.68 billion in fiscal 2020, a new record.
With markets getting increasingly complex and automated, the SEC has been looked to stand as a referee and prevent some of the glitches that became commonplace earlier in the decade.
“The U.S. capital markets ecosystem is the strongest and most nimble in the world, and thanks to the hard work of the diverse and inclusive SEC team, we have improved investor protections, promoted capital formation for small and larger businesses, and enabled our markets to function more transparently and efficiently,” Clayton said.
SEC chairs traditionally step down when an administration ends, and Clayton’s resignation comes two months before Joe Biden will take over as president. Potential successors at the agency include form Manhattan
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As I write this article, I’m sitting at a simple fold-up table outside of my home, staring out at the Hoh river outside of Olympic National Park. My husband and 4-year-old boy are out laying in the hammock and running around playing make-believe, giving mom some space to write.
I should mention, “home” for us is an RV, and we’re currently residing in the Hoh Rainforest in Washington. By the time you read this article, there’s no telling where we will be. This nomadic “off the grid” lifestyle was not thrust upon us; it was proactively pursued. You see, growing up I was a harrowing perfectionist. Nothing was ever, or could ever be, good enough. I spent years chasing a way of life that wasn’t even possible — and turns out it, wasn’t what I wanted.
It was a year-and-a-half ago that my husband and I decided to sell our house and cars, buy our RV and hit the road. Being a mom to a toddler and running a successful business on the road isn’t easy, but the things that are worth it in life are hardly ever easy. Like anything, it takes some trial and error.