President-elect Donald Trump said Wednesday he has selected Jay Clayton, a partner at Sullivan & Cromwell, to head the Securities and Exchange Commission. Current Chair Mary Jo White will leave the agency at the end of President Barack Obama's administration later this month. "We need to undo many regulations which have stifled investment in American businesses and restore oversight of the financial industry in a way that does not harm American workers," Trump said in a statement. Read the original story from CNBC.