Security Exchange Act of 1934
Cry Wolf Quotes
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.
We feel that it is not in the public interest to require any and all information respecting the business of any bank be made a public record, and ask that the banks be required to submit information to the Federal Reserve Board only that such information be given confidential status, subject to the discretion of the Federal Reserve Board.
Taken together with the Securities Act of 1933 (the 1934 Act) will effectively bar the flow of capital into American business.
The national securities act of 1934, as proposed, would interfere in a vital way with the essential supply of capital to business.