“Perhaps most crucially, Chairman Clayton recognizes the existential threat that Communist China’s schemes pose to U.S. markets and every person whose retirement or college savings depends on the integrity of those markets. He understands that foreign companies listing on American exchanges must be subject to credible audits and has worked toward holding companies accountable when they refuse to play by the rules.”

WASHIGNTON – Sen. John Kennedy (R-La.), chairman of the Senate Appropriations Subcommittee on Financial Services and General Government, released the following statement upon reports that Securities and Exchange Commission (SEC) Chairman Jay Clayton will step down at the end of the year after serving there for more than three years.

“Chairman Clayton has worked to fulfill the SEC’s duty to American investors by advocating for Main Street job-creators while strengthening the health and performance of our markets. He has reduced regulations that suffocate growth and returned millions of dollars to defrauded investors.

“Perhaps most crucially, Chairman Clayton recognizes the existential threat that Communist China’s schemes pose to U.S. markets and every person whose retirement or college savings depends on the integrity of those markets. He understands that foreign companies listing on American exchanges must be subject to credible audits and has worked toward holding companies accountable when they refuse to play by the rules. I’m grateful for Jay Clayton’s efforts on all of these fronts and for the chance to work with him over recent years,” said Kennedy.