(Bloomberg) -- President-elect Donald Trump will pick Sullivan & Cromwell partner Jay Clayton to run the SEC, positioning a top lawyer to banks and hedge funds to lead Wall Street’s main regulator.

Trump’s transition team issued a statement Wednesday saying he intends to nominate Clayton. If confirmed by the Senate, Clayton will play a key role in helping create U.S. jobs, while providing “strong oversight” of the financial industry, according to the statement.

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