More blah, blah at the Huffington Post
March 24, 2010 | federal legislation, industry | Comments (0)Financial regulatory reform is the next item on the site’s agenda. From the latest column:
Americans associate securities regulation with a well known Federal agency called the “Securities and Exchange Commission.” Heard if it? But what if I told you that the first Federal law regulating securities predated the SEC? It’s true. The first Federal securities law was the “Securities Act of 1933″ (commonly called the “‘33 Act”). The SEC, however, did not come into existence until 1934. It was established up by the aptly named “Securities Exchange Act of 1934″ (The “‘34 Act”). Yep, it’s right there in Section 4 of the ‘34 Act: “There is hereby established a Securities and Exchange Commission. . .” Both laws, of course, were part of the raft of early New Deal legislation championed by none-other-than President Franklin Roosevelt.
I was wondering when Roosevelt would get dragged into this. Today’s the day.
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