President-elect Donald Trump wants Wall Street lawyer Jay Clayton to be chairman of the Securities and Exchange Commission.
Trump said in a statement that Clayton is "a highly talented expert on many aspects of financial and regulatory law."
Trump said his nominee will work to ensure that financial institutions "can thrive and create jobs while playing by the rules at the same time."
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The Senate must OK the nomination of Clayton, a partner at Sullivan & Cromwell LLP.
Clayton is the latest Trump pick with deep ties to Wall Street -- having represented Goldman Sachs Group Inc. And Barclays Capital Inc.
Trump said he wants to undo many regulations that he says have "stifled investment" in Americans businesses.
Clayton said he'll "carefully monitor" the financial sector and set policies that encourages companies to create jobs.
Donald Trump is warning Republicans against letting Democrats escape blame for problems with President Barack Obama's health care law.
The president-elect is making his views known in a series of new tweets and he's taking aim at the Senate's Democratic leader, New York's Chuck Schumer -- a top defender of the health overhaul.
Trump has this advice for fellow Republicans: "Don't let the Schumer clowns out of this web." And Trump says "massive increases" in health costs will occur this year "and Dems are to blame for the mess."
Trump also says the law "will fall of its own weight - be careful."
Trump's tweeting comes as the new GOP-led Congress begins initial steps toward dismantling Obama's law.
Obama is holding a Capitol Hill strategy session with congressional Democrats about how to combat the Republican effort. Vice President-elect Mike Pence is meeting separately with GOP lawmakers.
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