(Bloomberg) -- U.S. Securities and Exchange Commission Chairman Jay Clayton announced that Wednesday will be his last day leading Wall Street's top regulator.
Clayton, in a statement posted on the agency's website, said he submitted a letter to President Donald Trump informing him of his decision to leave the SEC Wednesday.
While President-elect Joe Biden will pick a permanent successor to Clayton, Trump will likely install either Hester Peirce or Elad Roisman -- the SEC's Republican commissioners -- as acting chairman.
Clayton, a former law partner at Sullivan & Cromell whose clients included prominent Wall Street firms, had previously announced that he planned to step down by the end of the year.
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