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Business Matters: Latest Wall Street Call Up to Trump Team

News

Latest Wall Street Call Up To Trump Team

05/01/2017 GMT

Latest Wall Street Call Up to Trump Team

BBC World Service - Business Matters, Latest Wall Street Call Up to Trump Team

Donald Trump picks Wall St adviser Walter Clayton to head up Federal financial watchdog

Donald Trump nominates lawyer Walter 'Jay' Clayton, who advises clients on major Wall Street deals, to head the US financial watchdog, the US Securities and Exchange Commission.

Jay Clayton may not be a household name in America, but for the Wall Street banks and finance houses he advises, he is an invaluable asset - a man who specialises in deals, mergers and acquisitions for the likes of Goldman Sachs and J.P. Morgan Chase. But is he the right man to lead the institution that polices the financial world? The US president elect Donald Trump certainly thinks so - he has nominated Jay Clayton as the new head of the Securities and Exchange Commission for the Trump administration - an appointment the senate has to confirm. We hear from Mark Berman, senior financial adviser with Compliglobe and himself currently in consideration as an SEC commissioner and Bartlett Naylor, financial policy advocate with campaign group Public Citizen.

Why is so much Chinese money going abroad and what is the administration trying to do to tackle the issue? Roger Bootle, the founder of Capital Economics, talks us through both the perceived problem and his assessment of the government's strategy.

You might not want to hear about, or contemplate it with the festive period just behind us, but apparently household debt is on the rise again. According to the latest figures from the Bank of England, personal debt in the UK is back at levels previously seen during the financial crisis of 2008. So why is that? Atif Main, Professor of economics at Princeton University, and co-author of the book House of Debt: How They (and You) Caused the Great Recession, and How We Can Prevent It from Happening Again, will try and explain. 

And, we hear from the French inventor who thinks he might have the answer to our wandering umbrella woes - an umbrella which can text you its location. 

Our guests today are Jasper Kim, founder and chief executive officer of the Asia-Pacific Global Research Group, and Peter Morici, economist at the University of Maryland.

(Photo: The Wall street sign near the New York Stock Exchange. Credit: Bryan R Smith/Getty Images)

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