President-elect Donald Trump plans to nominate Wall Street attorney Jay Clayton to head up the U.S. Securities and Exchange Commission, the Trump transition announced Wednesday.

Jay Clayton, a partner at Sullivan & Cromwell law firm, is a noted specialist in public and private mergers and offerings.

Citing his campaign pledge to reduce federal regulations, Trump said Clayton "is a highly talented expert on many aspects of financial and regulatory law, and he will ensure our financial institutions can thrive and create jobs while playing by the rules at the same time."

Trump added that "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.”

Accepting the nomination, Clayton pledged "to work together with key stakeholders in the financial system to make sure we provide investors and our companies with the confidence to invest together in America. We will carefully monitor our financial sector, as we set policy that encourages American companies to do what they do best: create jobs.”

Clayton interviewed with Trump on Dec. 22 during the president-elect's stay at his Mar-a-Lago estate in Palm Beach, Fla.