Trump Set To Meet With Legal Hawk On Regulatory Policy

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Robert Donachie Capitol Hill and Health Care Reporter
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President-elect Donald Trump is scheduled to meet with a legal hawk on U.S. regulatory policy Thursday afternoon, according to the Trump Transition pool report.

Jay Clayton, an attorney at Sullivan and Cromwell specializing in mergers and acquisitions, capital markets offerings and regulatory and enforcement proceedings, will meet with the president-elect Thursday afternoon. Clayton has made a career helping firms navigate the complexities of the U.S. regulatory code, and the president-elect is likely tapping him for just that.

Over the course of his career, the attorney has advised multinational corporations and their respective boards in connection with corporate investigations and regulatory matters involving the Federal Reserve Bank of New York, the Securities and Exchange Commission, and the Department of Justice.

Trump took at aim at multinationals, like Apple, throughout his campaign, claiming that when he took office, these firms would be forced to move back to the U.S.

“China makes more money with Apple than we do, if you think about it. We have to bring Apple — and other companies like Apple — back to the United States. We have to do it,” Trump said in December 2015.

By meeting with Clayton, Trump could be trying to get some insights into the best way to bring American business back home. Currently, the president-elect proposes a one-time tax for domestic businesses with trillions of dollars overseas, in hopes of incentivizing these companies to bring their foreign capital back to the United States.

Clayton has also advised Wall Street financial institutions on everything from mortgage backed securities lawsuits to the ins and outs of regulatory review of hedge funds. Trump pledges to “dismantle” the 2,300 page Dodd-Frank Act, which directly affects financial institutions and hedge funds, and Clayton’s experience in the industry may prove beneficial to the president-elect’s goal.

Trump also promises to deregulate the energy industry, and put a moratorium on any new regulations when he takes office. The meeting with Clayton has the potential to change his current economic agenda. (RELATED: A Comprehensive Look At Donald Trump’s Tax Plan)

Scheduling a meeting with Clayton is not the only move that signals Trump plans to move ahead with many deregulatory promises he made on the campaign trail, the president-elect’s choice of billionaire Carl Icahn Wednesday as special regulatory advisor to the president also made a definitive statement.

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