Jay Clayton, former chair of the U.S. Securities and Exchange Commission, has been nominated by President-elect Donald Trump to serve as the U.S. Attorney for Manhattan. This position is significant as it oversees the Justice Department's office responsible for regulating Wall Street.

Clayton's appointment marks a shift from his previous focus on securities regulation to criminal law enforcement. Since his time at the SEC, he has held leadership positions, including serving as the independent chair of Apollo Global Management Inc. and as a senior adviser at the New York-based law firm Sullivan & Cromwell.