SEC’s Jay Clayton Thrust Into Political Minefield

When Jay Clayton emerged as the Trump administration’s pick to run the Securities and Exchange Commission three years ago, Wall Street embraced the idea of having a top regulator who didn’t come from politics or government enforcement.

Now Mr. Clayton, a former deals lawyer on Wall Street, appears headed for the ultimate merger of those worlds. President Trump and Attorney General William Barr have picked him to replace Geoffrey Berman, whom, according to Mr. Barr and at his request, Mr. Trump fired on Saturday as the U.S….