President-elect Donald Trump is looking to a Wall Street lawyer to head the Securities and Exchange Commission.

FOX's Jon Decker has more from the White House:

President-elect Trump intends to nominate Jay Clayton, a partner with Sullivan & Cromwell, as Chairman of the Securities and Exchange Commission.

In a statement Trump said that Clayton "will ensure our financial institutions can thrive and create jobs while playing by the rules at the same time."

Clayton has had a long and distinguished career advising companies on mergers and acquisitions and if confirmed, would have oversight of the financial industry.

President-elect Trump has advocated doing away with many banking regulations that were implemented during past eight years.

At the White House, Jon Decker, FOX News.