SEC nominee Clayton vows separation from his Wall Street law firmWASHINGTON (Reuters) - Wall Street attorney Jay Clayton will recuse himself from matters involving Barclays Bank, Deutsche Bank AG and other clients he has recently represented if confirmed to head the U.S. Securities and Exchange Commission under the terms of an ethics agreement disclosed on Wednesday. Barclays Bank, Deutsche Bank AG, UBS Securities, Royal Bank of Canada, Ally Financial and Pershing Square were among the financial firms listed as Clayton’s clients at Sullivan & Cromwell, according to a form filed with the Office of Government Ethics. Under the agreement, Clayton will not participate in SEC matters involving the firm for one year. He will also recuse himself from matters involving his former clients for one year after he last provided them legal services. The SEC currently has only two members - Republican Michael Piwowar and Democrat Kara Stein - and they often disagree about policy matters. Should Clayton be confirmed and then recuse himself, the agency will be left deadlocked until other commissioners are nominated and confirmed. At full force, the SEC has five voting members, including the chair. Clayton also promised to divest, within 90 days of confirmation, some 176 assets collectively worth millions of dollars. He did not reply to a request for comment.  Clayton and his wife, Gretchen Butler Clayton, reported assets between $52.3 million and $130.4 million. Because nominees for Executive Branch positions report their assets in broad ranges, it is impossible to calculate a nominee’s exact net worth. He has assets related to his employment at Sullivan & Cromwell worth between $2.5 million and $8.4 million, the OGE form shows. His wife works at Goldman Sachs & Co, and has assets related to her role at the investment bank worth between $1.1 million and $2.8 million. She has said she will resign her job if he is confirmed. The form also does not detail the specific assets from which Clayton will divest to comply with federal ethics laws. But in his March 3 letter to an ethics officer, Clayton did indicate that he will seek to take advantage of a tax benefit that allows government officials to defer paying capital gains taxes on assets they sell to satisfy ethics requirements, potentially saving him millions of dollars. As a Wall Street attorney, Clayton has worked on notable deals including the initial public offering of Alibaba Group Holding Ltd. Valeant Pharmaceuticals, the subject of federal investigations related to drug pricing, was listed as one of his clients. Clayton also reported having two corporate clients he could not name due to pending investigations that are not yet public. The SEC is an independent federal agency tasked with enforcing securities laws and regulating the country’s stock and options exchanges. Agency nominees are reviewed by the U.S. Senate Banking Committee, which is set to hold Clayton’s initial confirmation hearing on March 23. politicsNews
sec nominee clayton vows separation wall street law firmwashington reuters wall street attorney jay clayton recuse matters involving barclays bank deutsche bank ag clients recently represented confirmed head securities exchange commission terms ethics agreement disclosed wednesday barclays bank deutsche bank ag us securities royal bank canada ally financial pushing square among financial firms listed clayton clients sullivan cromwell according form filed office government ethics under agreement clayton participate sec matters involving firm one year he also recuse matters involving former clients one year last provided legal services the sec currently two members republican michael piwowar democrat kara stein often disagree policy matters should clayton confirmed recuse agency left deadlock commissioners nominated confirmed at full force sec five voting members including chair clayton also promised divest within days confirmation assets collectively worth millions dollars he reply request comment clayton wife wretched butler clayton reported assets million million because nominees executive branch positions report assets broad ranges impossible calculate nominee exact net worth he assets related employment sullivan cromwell worth million million one form shows his wife works goldman sachs co assets related role investment bank worth million million she said resign job confirmed the form also detail specific assets clayton divest comply federal ethics laws but march letter ethics officer clayton indicate seek take advantage tax benefit allows government officials defer paying capital gains taxes assets sell satisfy ethics requirements potentially saving millions dollars as wall street attorney clayton worked notable deals including initial public offering alabama group holding valiant pharmaceuticals subject federal investigations related drug pricing listed one clients clayton also reported two corporate clients could name due pending investigations yet public the sec independent federal agency tasked enforcing securities laws regulating country stock options exchanges agency nominees reviewed senate banking committee set hold clayton initial confirmation hearing march politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: SEC nominee Clayton vows separation from his Wall Street law firmWASHINGTON (Reuters) - Wall Street attorney Jay Clayton will recuse himself from matters involving Barclays Bank, Deutsche Bank AG and other clients he has recently represented if confirmed to head the U.S. Securities and Exchange Commission under the terms of an ethics agreement disclosed on Wednesday. Barclays Bank, Deutsche Bank AG, UBS Securities, Royal Bank of Canada, Ally Financial and Pershing Square were among the financial firms listed as Clayton’s clients at Sullivan & Cromwell, according to a form filed with the Office of Government Ethics. Under the agreement, Clayton will not participate in SEC matters involving the firm for one year. He will also recuse himself from matters involving his former clients for one year after he last provided them legal services. The SEC currently has only two members - Republican Michael Piwowar and Democrat Kara Stein - and they often disagree about policy matters. Should Clayton be confirmed and then recuse himself, the agency will be left deadlocked until other commissioners are nominated and confirmed. At full force, the SEC has five voting members, including the chair. Clayton also promised to divest, within 90 days of confirmation, some 176 assets collectively worth millions of dollars. He did not reply to a request for comment.  Clayton and his wife, Gretchen Butler Clayton, reported assets between $52.3 million and $130.4 million. Because nominees for Executive Branch positions report their assets in broad ranges, it is impossible to calculate a nominee’s exact net worth. He has assets related to his employment at Sullivan & Cromwell worth between $2.5 million and $8.4 million, the OGE form shows. His wife works at Goldman Sachs & Co, and has assets related to her role at the investment bank worth between $1.1 million and $2.8 million. She has said she will resign her job if he is confirmed. The form also does not detail the specific assets from which Clayton will divest to comply with federal ethics laws. But in his March 3 letter to an ethics officer, Clayton did indicate that he will seek to take advantage of a tax benefit that allows government officials to defer paying capital gains taxes on assets they sell to satisfy ethics requirements, potentially saving him millions of dollars. As a Wall Street attorney, Clayton has worked on notable deals including the initial public offering of Alibaba Group Holding Ltd. Valeant Pharmaceuticals, the subject of federal investigations related to drug pricing, was listed as one of his clients. Clayton also reported having two corporate clients he could not name due to pending investigations that are not yet public. The SEC is an independent federal agency tasked with enforcing securities laws and regulating the country’s stock and options exchanges. Agency nominees are reviewed by the U.S. Senate Banking Committee, which is set to hold Clayton’s initial confirmation hearing on March 23. politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: sec nominee clayton vows separation wall street law firmwashington reuters wall street attorney jay clayton recuse matters involving barclays bank deutsche bank ag clients recently represented confirmed head securities exchange commission terms ethics agreement disclosed wednesday barclays bank deutsche bank ag us securities royal bank canada ally financial pushing square among financial firms listed clayton clients sullivan cromwell according form filed office government ethics under agreement clayton participate sec matters involving firm one year he also recuse matters involving former clients one year last provided legal services the sec currently two members republican michael piwowar democrat kara stein often disagree policy matters should clayton confirmed recuse agency left deadlock commissioners nominated confirmed at full force sec five voting members including chair clayton also promised divest within days confirmation assets collectively worth millions dollars he reply request comment clayton wife wretched butler clayton reported assets million million because nominees executive branch positions report assets broad ranges impossible calculate nominee exact net worth he assets related employment sullivan cromwell worth million million one form shows his wife works goldman sachs co assets related role investment bank worth million million she said resign job confirmed the form also detail specific assets clayton divest comply federal ethics laws but march letter ethics officer clayton indicate seek take advantage tax benefit allows government officials defer paying capital gains taxes assets sell satisfy ethics requirements potentially saving millions dollars as wall street attorney clayton worked notable deals including initial public offering alabama group holding valiant pharmaceuticals subject federal investigations related drug pricing listed one clients clayton also reported two corporate clients could name due pending investigations yet public the sec independent federal agency tasked enforcing securities laws regulating country stock options exchanges agency nominees reviewed senate banking committee set hold clayton initial confirmation hearing march politicsnews