The U.S. Senate on Tuesday confirmed Jay Clayton as chairman of the U.S. Securities and Exchange Commission (SEC). Clayton was approved in a 61 to 37 vote.

The Wall Street lawyer was chosen by U.S. President Donald Trump to lead the SEC.

Clayton replaces Michael Piwowar, acting chairman, who has been in the role since January after the previous chairwoman, Mary Jo White, stepped down. Clayton's term expires on June 5, 2021.

Prior to joining the SEC, Clayton was a partner at the New York-based law firm Sullivan & Cromwell LLP, specializing in mergers and acquisitions.

"We congratulate Jay Clayton on his confirmation as SEC chairman and look forward to working with him on issues of importance to investors that enhance our capital markets, help stimulate economic growth and create jobs," says Kenneth Bentsen, Jr., president and CEO, Securities and Financial Markets Association (SIFMA), in a statement.

The Financial Industry Regulatory Authority (FINRA), also issued a statement congratulating Clayton. "Jay's broad experience and his keen understanding of capital markets and securities regulation will serve investors and market participants well as the SEC works to ensure that safe, strong securities markets remain a cornerstone of the U.S. economy," says Robert Cook, president and CEO of FINRA

"We look forward to working with Chairman Clayton to advance our shared mission to protect investors and the integrity of the securities markets. This mission is critical to Main Street investors who need safe and secure investment opportunities for their families and retirement," says Mike Rothman, president of the North American Securities Administrators Association (NASAA) and Minnesota Commissioner of Commerce, in a statement.