Security Exchange Act of 1934

Security Exchange Act of 1934

Cry Wolf Quotes

No rule of thumb method ... can be devised which will fit all securities in all situations....It would produce even greater injury than the Federal Securities Act in retarding or preventing the follow of securities into new and refunding issues, which are indispensable if employment is to be maintained and increased and the huge burden on the Treasury is to be relieved.

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From a statement issued by the unnamed “directors” of the U.S. Chamber of Commerce

It would help me by driving 85 per cent of my competitors out of business, if I could manage to keep out of Atlanta or Leavenworth myself.

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Steve Pearce, biggest wire broker of the time, on creation of SEC

Taken together with the Securities Act of 1933 (the 1934 Act) will effectively bar the flow of capital into American business.

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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.

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George Houston, National Association of Manufacturers, Vice President