president Donald Trump Former U.S. Securities and Exchange Commission (SEC) Chairman Jay Clayton was nominated on Thursday to serve as the next Director of National Intelligence (DNI).
“I am pleased to announce the nomination of the highly respected Jay Clayton… to be the next Director of National Intelligence and, more importantly, to serve on my Cabinet,” Trump wrote in a post to The Truth Society.
Trump’s decision to appoint housing watchdog Bill Pulte as acting intelligence director following Tulsi Gabbard’s planned departure has been heavily criticized.
Trump called Clayton one of the most respected lawyers in the country and urged the Senate to quickly confirm his confirmation. Clayton’s nomination requires Senate approval. “Few people in the legal community are as respected as Jay. I encourage the United States Senate to confirm Jay as quickly as possible,” Trump wrote.
Who is Jay Clayton?
Clayton, 59, currently serves as the U.S. Attorney for the Southern District of New York, one of the most influential federal prosecutors’ offices in the United States. Previously, he served as chairman of the Securities and Exchange Commission during Trump’s first term from 2017 to 2020.
Clayton is a lawyer by profession, having worked for over twenty years at the prestigious law firm of Sullivan & Cromwell. He advises large corporations on mergers, acquisitions, securities regulatory and corporate governance matters. He later returned to private practice and then joined the Department of Justice.
Clayton studied engineering, economics and law. He received degrees from the University of Pennsylvania and the University of Cambridge. He also taught law at the University of Pennsylvania for several years.
Clayton was nominated by Trump as SEC chairman in January 2017 and was sworn in in May of that year. In addition to serving as SEC Chairman, he is a member of the President’s Working Group on Financial Markets, the Financial Stability Oversight Council, and the Financial Stability Board.
During his tenure at the SEC, Clayton focused on investor protection, market regulation, cybersecurity risks and disclosure reform.
He is married to former Goldman Sachs wealth adviser Gretchen Butler Clayton.
According to Newsweek, Jay Clayton’s net worth is estimated to be between $10 million and $50 million.
Read more: FISA 702 reauthorization: Who are the 17 Republicans who voted against it – see the full list
Why is Trump choosing Clayton now?
The nomination comes after a tumultuous period for the Office of the Director of National Intelligence. Trump faces bipartisan criticism after appointing director of Federal Housing Finance Agency Bill Pulte Pulte served as acting director of national intelligence despite his lack of intelligence experience.
The dispute escalated into a debate over FISA’s Section 702 surveillance authority. Several lawmakers argued that uncertainty in the leadership of the intelligence agencies complicates efforts to extend the program. The House ultimately rejected a short-term extension proposal Thursday.
Trump announced earlier this week that Pulte would take over as director of national intelligence on June 19, much earlier than originally planned. Gabbard resigned because her husband was suffering from cancer.
