US Senate Confirms Head of SEC
The Senate on Tuesday confirmed Jay Clayton, the Wall Street attorney chosen by President Donald Trump, to lead the Securities and Exchange Commission.
The vote was 61-37 to give Clayton the job of running the independent agency that oversees Wall Street and the financial markets. Nine Democrats and one independent, Maine's Angus King, joined 51 Republicans in backing the nominee.
Clayton, a partner in the prominent law firm Sullivan & Cromwell, has done significant legal work for Wall Street powerhouse Goldman Sachs and an array of other financial giants and corporations.
In line with Trump's pledge to ease many rules that flowed from the 2010 Dodd-Frank financial regulatory law, a Clayton-led SEC would be expected to take a comparatively loose approach to regulation. At his confirmation hearing in March, Clayton sought to reassure senators that he would act only in the public interest.
Congress Warns US Airlines to Improve Customer Service
U.S. lawmakers have put the nation's airlines on notice: Improve customer service or we will make you.
The House Transportation and Infrastructure Committee held a hearing for top airline executives to testify, and to determine how Congress might respond after a passenger was violently dragged off an overbooked United Airlines flight.
“Seize this opportunity,” committee Chairman Bill Shuster, a Pennsylvania Republican, told United CEO Oscar Munoz and other airline executives at a hearing. Otherwise, “we're going to act and you're not going to like it,” he said, predicting a “one-size-fits-all” solution that may serve some airlines but not all.
Munoz apologized repeatedly for the removal of David Dao, 69, who last month refused to give up his seat to make room for airline employees. The video of airport police dragging Dao from his seat went viral.
“In that moment for our customers and our company we failed, and so as CEO, at the end of the day, that is on me,” Munoz said. “This has to be a turning point.”
Munoz was joined at the hearing by United President Scott Kirby and executives from American Airlines, Southwest Airlines and Alaska Airlines.