Securities & Exchange Commission
After Black Tuesday, Congress held hearings that tried to identify and solve problems for the Stock Exchange. Through these hearings they came to 2 solutions: 1) Investment companies must tell the whole truth about the business and tell people about the risks involved in investing. 2) The people who work in investing companies must put the investor's needs first and treat them fairly.
The Securities and Exchange Commision (SEC) was created in 1934 to regulate commerce in stocks, and bonds. If you buy more than 5% of a company's Equity you have to report it to the SEC. This helps from you taking over a company. A company must also formally state that it is going to take over a smaller company.
Roosevelt appointed Joseph Kennedy Sr. to be the first chairman. Roosevelt chose Kennedy because he endorced Roosevelt's Campaign hoping to get a Cabinet seat. After 1935, Joseph left to be the chairman of the Maritime Commission. Joseph was then replaced by James M. Landis. The current chairman is Mary Jo White.
Mission Statement: "to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation." The SEC has a 5 commissioners with ne named as a chairman. the current commissioners are: Luis A. Aguilar, Daniel M. Gallagher, Kara M. Stien, and Michael S. Piwowar.
The New Deal
The New Deal was important to help Americans work their way out of the Great Depression. It provided jobs for hundreds of Americans as well as economic relief.