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The NYSE and the SEC

In: Who Governs?

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  • John H. Wood

    (Wake Forest University)

Abstract

The New Deal believed the Securities and Exchange Commission was needed to regulate stock exchanges and enforce the Securities Act in order to limit the public’s risk exposure. Because of the agency’s lack of expertise regarding finance, and for political accommodation, however, it decided (or was forced) to restrict its actions to the oversight of self-regulation, with mixed effects. The financial industry, particularly William McChesney Martin, Jr., at the New York Stock Exchange sought with considerable success to limit the reforms desired by the new bureaucracy.

Suggested Citation

  • John H. Wood, 2020. "The NYSE and the SEC," Palgrave Studies in American Economic History, in: Who Governs?, chapter 0, pages 105-144, Palgrave Macmillan.
    • Handle: RePEc:pal:psichp:978-3-030-33083-5_4
    DOI: 10.1007/978-3-030-33083-5_4
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