If confirmed by the Senate, Clayton would have to recuse himself for one year from matters involving Sullivan & Cromwell and companies he represented. He also would be barred from ever weighing in on a specific business deal or an investigation that he worked on as a lawyer. At least one of Clayton’s clients, Valeant Pharmaceuticals International Inc., has disclosed that it’s being investigated by the SEC. Pershing Square, another Clayton client, is among Valeant’s biggest investors and Ackman sits on the company’s board.

Clayton’s disclosure form also shows deep ties to Goldman Sachs, where his wife works as a wealth manager.

Clayton has done legal work for the Wall Street bank and has represented some of its former top executives. They include Roy J. Zuckerberg, who was one of Goldman Sachs’s longest-tenured partners when he retired almost 20 years ago, and Eric Schwartz, the former co-head of the firm’s investment-management division who left in 2007 to start his own business. Clayton’s wife plans to leave Goldman Sachs if he wins Senate confirmation.

Other Clayton clients include Paul Tudor Jones, the billionaire founder of hedge fund Tudor Investment Corp., and Ally Financial Inc., one of the last big banks to repay the government bailout it received during the 2008 financial crisis. Clayton also represented William Erbey, the founder and former chairman of Ocwen Financial Corp. The mortgage servicing company agreed to pay $2 million in January 2016 to settle SEC allegations that it misstated its financial results.

Democrats, including Ohio Senator Sherrod Brown, his party’s ranking member on the Senate Banking Committee, have questioned whether Clayton will be a tough regulator after he spent his legal career representing Wall Street firms.

The banking panel has scheduled Clayton’s confirmation hearing for March 23. Even if Democrats unite against Clayton, he’s still expected to secure enough votes from Republicans to get approval.

Since Mary Jo White stepped down as SEC chairman in January, the five-member agency has had just two commissioners, Republican Michael Piwowar, who is serving as acting chair, and Democrat Kara Stein.

With commissioner seats empty and Piwowar and Stein being members of different political parties, the regulator has been working on non-controversial policies. Clayton will be expected to help the Trump administration advance its stated agenda of rolling back rules should he win Senate confirmation.

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