When Donald Trump interviewed Jay Clayton to be his chiefsecurities regulator in December, the then-president elect wasfixated on the steep decline in U.S. initial public offerings.

During the meeting at the Mar-a-Lago club in Florida, Trump evencited statistics on the drop, which started two decades ago, saidpeople familiar with their discussion. He was particularlyconcerned that more companies were choosing to sell their sharesoverseas, rather than on the New York Stock Exchange and the NasdaqStock Market.

The conversation showed Trump's eagerness for the Securities andExchange Commission to focus on promoting growth, after it hasspent years layering tough rules on Wall Street and otherindustries. In Clayton, a corporate lawyer, the president hasnominated an SEC chairman who should know which regulations mayneed loosening.