Washington, May 3 (IANS): US Senate has approved President Donald Trump's choice Jay Clayton to lead the Securities and Exchange Commission.

The Wall Street lawyer hopes to turn around the decline in the number of public companies over the past 20 years.

Clayton's agenda could be aided by an unusual alignment of political forces that escaped the SEC's most recent leaders.

He will enter the country's financial sector watchdog without a checklist of regulations mandated, the Wall Street Journal reported.

In a vote of 61-37, the Senate approved Clayton's nomination. His term will expire in 2021.

Clayton, a former partner at law firm Sullivan and Cromwell, has decades of experience on mergers, acquisitions and federal regulatory compliance, Xinhua news agency reported.

"I look forward to working closely with my fellow Commissioners and the dedicated career staff at the SEC to serve the American public and advance the SEC's important mission," Clayton said in a statement.

During his nomination hearing, Clayton told lawmakers that he favoured easing regulations in order to encourage IPOs.

As SEC Chairman, Clayton will be responsible for regulating large banks and would play a role in Trump's efforts to roll back financial regulations.