Sec stock market crash
The Securities and Exchange Commission was established in to regulate the commerce in stocks, bonds, and other securities. After the October 29,stock market crash, reflections on its cause prompted calls for reform. Controls on the issuing and trading of securities were virtually nonexistent, allowing for any number of frauds and other schemes. Further, the unreported concentration of controlling stock interests in a very few hands led to the abuses of power that the free exchange of stock supposedly eliminated.
Policing The Securities Market: An Overview Of The SEC
To bring order out of chaos, Congress passed three major acts creating the Securities and Exchange Commission, SEC, and defining its responsibilities. The Securities Act of required public corporations to register their stock sales and distribution and make regular financial disclosures. The Securities Exchange Act of created the SEC to regulate exchanges, brokers, and over-the-counter markets, as well as to monitor the required financial disclosures.
The Public Utility Holding Company Act did away with holding companies more than twice removed from the utilities whose stocks they held. Further, the act authorized the SEC to break up any unnecessarily large utility combinations into smaller, geographically based companies and to set up federal commissions to regulate utility rates and financial practices.
The business community, wary of New Deal bearish divergence forex, was mollified by the efficient chairmanships of Joseph P.
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Securities and Exchange Commission. Article Videos Speeches Shop. Print Cite Article Details: Securities and Exchange Commission Author History. Introduction The Securities and Exchange Commission was established in to regulate the commerce in stocks, bonds, and other securities. Tags Great Depression Wall Street Tags Great Depression Wall Street.
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