President Donald Trump's pick to lead the Securities and Exchange Commission said that he has no specific plans to dismantle regulations implemented under the Dodd-Frank Act, but that the new administration wants to examine whether the 2010 law is stifling economic growth.

"Dodd-Frank should be looked at, in particular rules that have been in place as to whether they are achieving their objectives effectively," Wall Street lawyer Jay Clayton said during his Senate confirmation hearing Thursday. "Bu, I have no specific plans to" attack the legislation, he said.

Clayton, a Sullivan & Cromwell partner whose clients included Goldman Sachs Group and Bill Ackman's Pershing Square Capital Management, also told members of the Senate Banking Committee that his work for financial firms would be a strength should he win confirmation to run Wall Street's top regulator.