FEEDBACK

Revision of the Securities Acts

May 16, 1940

Report Outline
Criticism of S. E. C. Laws and Procedure
Regulatory Functions of the S. E. C.
S. E. C. Regulation and Business Recovery

Criticism of S. E. C. Laws and Procedure

Demands for revision of the laws administered by the Securities and Exchange Commission, and for revision of rules and regulations promulgated by the Commission, have become increasingly insistent during recent weeks. The mounting dissatisfaction of financial and business interests with various provisions of the securities acts, and with their administration by the S. E. C., has found expression in outspoken public criticism and in urgent pleas for a congressional investigation to lay the groundwork for revision of the statutes and of the procedure by which they are enforced. While there is little likelihood that Congress will authorize a special inquiry into S. E. C. laws and administration at the current session, the tendency of Repub lican presidential candidates to assail the securities acts and the S. E. C.'s rules and regulations as burdensome and restrictive, and as a major obstacle to recovery, makes it probable that these questions will be vigorously debated in the coming political campaign.

Significance of House Vote on Walter-Logan Bill

House passage of the Walter-Loan bill, April 18, 1940, by the impressive majority of 282 to 97 was generally regarded as indicative of a strong popular trend against unrestrained exercise of administrative authority by New Deal agencies. Although the bill was strenuously opposed by the Roosevelt administration, only 93 Democrats voted against it. This measure, providing for (1) a uniform procedure for issuance of rules and regulations by administrative agencies and (2) judicial review of such rules and regulations, would apply to the S. E. C. as well as to numerous other New Deal agencies. While its sponsors contend that the bill would provide needed protection against arbitrary exercise of bureaucratic powers, its opponents insist that it would hamstring government agencies in performance of their legitimate functions.

Present S. E. C. Vacancy and Future S. E. C. Policy

Resignation, March 26, of Commissioner George C. Mathews, a member of the S. E. C. since its organization in 1934, has left a vacancy which President Roosevelt has not yet filled. The President's choice of a successor to Mathews is being awaited with keen interest, since the appointment is expected to provide an answer to the question of whether the Commission in future will continue on the middle-of-the-road course favored by its chairman, Jerome N. Frank, or whether it will adopt a more aggressive attitude in enforcing the laws which it administers.

ISSUE TRACKER for Related Reports
Banking
Sep. 26, 2014  Digital Currency
Oct. 05, 2012  Euro Crisis
Jan. 20, 2012  Financial Misconduct
Jan. 13, 2012  ‘Occupy’ Movement
Oct. 24, 2008  Financial BailoutUpdated
Sep. 01, 2000  The Federal Reserve
Jun. 22, 1990  S&L Bailout: Assessing the Impact
Nov. 04, 1988  Behind the S&L Crisis
Apr. 26, 1985  New Era in Banking
Nov. 18, 1983  Bankruptcy's Thriving Business
Aug. 07, 1981  Banking Deregulation
Jul. 19, 1974  Banking Stability
Jul. 17, 1968  Banking Innovations
May 06, 1964  Monetary Policy in Prosperity
May 16, 1940  Revision of the Securities Acts
Feb. 27, 1937  Expansion of Branch Banking
Sep. 03, 1935  The Decline of Commercial Banking
Dec. 11, 1934  Proposals for a Government-Owned Central Bank
Sep. 12, 1934  Bank Reserves and Credit Inflation
Nov. 27, 1933  Bank Credit in Depression and Recovery
Aug. 12, 1933  Closed Banks and Banking Reform
Apr. 04, 1933  Unified Control of Banking
Apr. 09, 1932  The Glass Banking Bill
Mar. 24, 1932  The Guaranty of Bank Deposits
Apr. 17, 1930  The International Bank and the Gold Standard
Feb. 08, 1930  Branch Banking and Chain Banking
Apr. 29, 1929  Mergers of Banking Institutions
Oct. 28, 1927  The Federal Reserve Rate Controversy
May 21, 1927  Labor Banking and Finance Since 1920
Jan. 31, 1924  The Northwestern Bank Failures and the Attack on Treasury Savings Certificates
Dec. 01, 1923  Why State Banks Do Not Join the Federal Reserve System, the Effect on the System and the Issues Involved
Nov. 23, 1923  Branch Bank Controversy
BROWSE RELATED TOPICS:
Commercial Law
Regulation and Deregulation
Regulation and Deregulation
FEEDBACK

Your Email Address

Subject

Provide Feedback

Suggest a topic here.

Type the characters you see below into the box

Take our survey to help us improve CQ Researcher!