Geoffrey Berman and William F. Sweeney, assistant director-in-charge of the New York Office of the Federal Bureau of Investigation in October 2019. Photo: Drew Angerer/Getty Images

U.S. Attorney for the Southern District of New York Geoffrey Berman said on Friday he would not be resigning, after Attorney General Bill Barr announced his replacement late Friday night.

Why it matters: Berman oversaw one of the highest profile districts in the country and many politically charged prosecutions, including those over President Trump's former attorney Michael Cohen and investigations into hush money payments during the 2016 election.

What's next: Securities and Exchange Commission Chairman Jay Clayton was nominated to replace Berman, according to Barr's Friday evening press release. Craig Carpenito, U.S. Attorney for the District of New Jersey, is to serve in Berman's role starting July 3 as the Senate considers Clayton's nomination.

What they're saying: “For the past three years, Jay has been an extraordinarily successful SEC Chairman, overseeing efforts to modernize regulation of the capital markets, protect Main Street investors, enhance American competitiveness, and address challenges ranging from cybersecurity issues to the COVID-19 pandemic," Barr said in Friday's announcement.

Editor's note: This story has been updated with Berman's response that he does not plan to step down.

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