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The SEC. The greatest legacy of the Pecora investigation was the creation of the Securities and Exchange Commission (SEC) in 1934. Working with the Federal Reserve Board, the SEC has successfully regulated financial markets and prevented subsequent depressions. When Roosevelt named Joseph P. Kennedy (father of John F. Kennedy, future president of the United States) the first chairman of the SEC, critics said that appointing a man reputed to have made his fortune through some of the practices the SEC was supposed to prevent, was like hiring a fox to guard the henhouse. Yet under Kennedy's leadership the SEC became a model government regulatory agency. In administering the Securities Act of 1933, the SEC protects investors against fraud and malpractice, supervising the New York Stock Exchange and other securities markets where stocks, bonds, and commodities are brokered and requiring that anyone offering securities register with...
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This section contains 258 words (approx. 1 page at 300 words per page) |
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