Kurt Wolfe, a securities compliance attorney at Troutman Pepper, also said Clayton leaves with a reputation for getting things done. “He’s been an effective chairman in many respects,” he said. “He shepherded through a large number of new rules and amendments. Not everyone likes all of them, and that cuts both ways. Nobody got everything they wanted.”
But an investor advocate said Clayton’s productivity was based on partisanship. Many of the regulations he pushed through — including Reg BI and private market reform — came on split commission votes and were promulgated despite strong dissent from the Democratic commissioners.
‘Enforcement 40’ for 2020
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