President-elect Donald Trump announced the nomination of former Securities and Exchange Commission Chairman Jay Clayton as the United States Attorney for Manhattan. This position is often referred to as the sheriff of Wall Street.
The U.S. Attorneys are distributed across 93 districts and are responsible for prosecuting civil and criminal cases on behalf of the federal government, usually appointed by the government and stepping down when a new president takes office.
Clayton led the Securities and Exchange Commission (SEC) during Trump’s first term. Since leaving government, Clayton has served as the independent chair of Apollo Global Management and returned to the law firm Sullivan & Cromwell as a senior advisor in New York.
During his tenure in the Trump administration, Clayton was seen as an independent voice, focusing on protecting small investors from fraud and abuse in the financial industry. He established relationships with both Republicans and Democrats.
“Jay is a highly respected business leader, advisor, and public servant,” Trump said in a post on Truth Social, adding that Clayton had done “an excellent job” as the SEC chairman.
Trump made it clear that the government’s law enforcement priorities would include focusing on crimes related to immigration and violent crime.
The Manhattan U.S. Attorney’s Office is known for handling complex financial cases, including financial fraud cases, as well as cases involving terrorism, organized crime, and public corruption. Historically, the appointed prosecutors have been veterans of the office.
Currently leading the Manhattan (Southern District of New York) office is Damian Williams, who has not announced his plans to step down.
Over the past three years, lawsuits filed by the office have included charges against cryptocurrency FTX co-founder Sam Bankman-Fried and hedge fund Archegos Capital Management founder Bill Hwang, both convicted of fraud.