Jay Clayton took another step to becoming chairman of the Securities and Exchange Commission when the US Senate Committee on Banking, Housing and Urban Affairs approved his nomination for the position last Tuesday. In supporting Mr. Clayton’s nomination, committee chairman Sen. Mike Crappo said, “Mr. Clayton is eminently qualified to serve as the chairman of the US Securities and Exchange Commission.” Contrariwise, Sen. Sherrod Brown, ranking minority member of the committee, said he declined to support Mr. Clayton because “[w]hat American investors and markets need is a responsible, fully engaged SEC Chair who will understand what is important to Main Street investors and companies, and not just focus on what Wall Street needs and wants.” Mr. Clayton’s nomination was supported by the Committee by a vote of 15 – 8.