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The Latest: SEC chairman faces Congress after data breach

Jay Clayton
The Associated Press

NEW YORK (AP) — The Latest on SEC Chairman Jay Clayton’s appearance before the Senate Banking Committee (all times local):

9:35 a.m.

Jay Clayton, the chairman of the Securities and Exchange Commission, is likely to face tough questions from a Senate banking panel, after the agency acknowledged that it also was a victim to a hack.

Two major issues in the SEC breach are the potential any information obtained was used for insider trading and whether the SEC knew about the security breach for months and only recently decided to disclose it.

Clayton has been at the head of the SEC since May, and is not likely to face calls for his removal since the breach happened a year ago. But he may be questioned about whether the SEC — the federal government’s main arm for enforcing rules and regulations on Wall Street — is up to the task of keeping data secure.

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