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

Establishment of minimum margins for banks is unfair and unnecessarily restrictive in principle.

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William C. Potter, chairman of the board of Guaranty Trust Co of NY, testimony to Senate Banking Committee

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

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