Quote – George Houston, National Association of Manufacturers, Vice President

The Securities Act of 1933 created a serious obstacle to recovery, through its drastic regulation of the issuance of new securities by private enterprise. The Banking Act of 1933 created an additional impediment through the provisions of Section 16 prohibiting the national banks from participating in underwriting securities after June 16, 1934.

“Flays Stock Bill As Deflationary: Potter of Guaranty Trust Says It Imperils Press Freedom We Should Preserve," The Wall Street Journal.

Tuesday, March 13, 1934