With the selection of Jay Clayton to head up the SEC, President-elect Trump has tapped a high-profile attorney with a deep résumé of representing some of the biggest firms on Wall Street and shepherding mergers, acquisitions and corporate public offerings.

What he has not chosen is a government veteran or an attorney with a long record of investor advocacy. Instead, Clayton is someone who some expect to scale back enforcement activity and unlikely to race toward major new rulemakings.

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