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June 26, 2020

House Financial Services questions SEC Chairman Clayton on US attorney controversy, capital markets, emergency lending

Clayton says he won't withdraw his name from consideration for New York U.S. attorney position or recuse himself from cases; says moving to SDNY was 'entirely my idea'

The House Financial Services' Subcommittee on Investor Protection, Entrepreneurship and Capital Markets on June 25 held a hearing on "Capital Markets and Emergency Lending in the COVID-19 Era." The only witness was Securities and Exchange Commission Chairman Jay Clayton. The hearing was held in a hybrid format, with Clayton, subcommittee Chairman Brad Sherman (D-CA) and other members appearing in person in the hearing room, while others attended via video connections. Many questions from the committee's Democrats focused on the news last weekend that the administration plans to nominate Clayton to replace Geoffrey Berman as the U.S. attorney for the Southern District of New York (SDNY). Materials from the hearing are posted here.

The attached Alert has details.


Contact Information
For additional information concerning this Alert, please contact:
Washington Council Ernst & Young
   •  Will Heyniger (
   •  Bob Schellhas (
   •  Any member of the group at (202) 293-7474.


Full text of Alert