Jay Clayton will step down as Chairman of the Securities and Exchange Commission at the end of the day, the regulator said in a letter to President Donald Trump released Wednesday.
“It has been the honor and privilege of my professional life to serve the American people as Chairman of the U.S. Securities and Exchange Commission,” Clayton wrote the president. “The absolute trust and unwavering support you and your economic team provided to me and the 4,500 women and men of the Commission has enabled us to pursue our mission to the benefit of the more than 65 million American households who invest in and depend on our markets.”
Clayton praised the SEC for its work helping keep financial markets functioning through the COVID-19 pandemic, its efforts to modernize regulations and its record of returning $3.5 billion to harmed investors during the past four years.
President-elect Joe Biden has not yet to nominated Clayton’s successor.