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1. In the Map tab, click Select By Location. This should open the Geoprocessing pane, titled Select Layer By Location.
   
   
2. In this pane, put the feature you want to clip as Input Feature Layer. Leave Relationship set to Intersect. For Selecting Features, click on to make a new polygon feature that contains the region you would like. The pane should look something like this.
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3.  Then Then click Run.
4. In the Contents pane, right click on layer you are exporting. Click Data, then click Export Features. 

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Create bounding box in new layer

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