Security Exchange Act of 1934

Security Exchange Act of 1934

Cry Wolf Quotes

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

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.

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George V. McLaughlin, NY State bankers association

The national securities act of 1934, as proposed, would interfere in a vital way with the essential supply of capital to business.

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George Houston, National Association of Manufacturers, Vice President

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