Appointed by Trump, Jay Clayton announced he would step down as president at the end of the year. His replacement will be chosen by Joe Biden, who could opt for a personality who defends tighter financial regulation.

Appointed by Donald Trump in 2017, Jay Clayton will step down as SEC chairman at the end of the year.

It is the fate of American officials, with each change of administration. And, if Donald Trump still refuses to concede defeat, Washington is still preparing for the transition. The chairman of the Securities and Exchanges Commission (SEC), the policeman of the US markets, has announced that he will step down at the end of the year. Appointed by Donald Trump as soon as he took office in 2017 to supervise the financial markets, this lawyer by training, who had advised several large companies in the past, will leave a modest footprint.

During his tenure, Jay Clayton put individual investors at the heart of his priorities. A speech that has resulted in stricter rules on cryptocurrencies, in measures facilitating market access for small businesses, or in the obligation made to the car rental company Hertz to stop selling securities during its bankruptcy proceedings. His opponents note, however, that he did not go to the end of his reflections and that these intentions were not accompanied by new strong rules. He himself felt that “the SEC’s regulatory approach does not require radical change.”