Security Exchange Act of 1934
Cry Wolf Quotes
Establishment of minimum margins for banks is unfair and unnecessarily restrictive in principle.
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.
So far as I know, we as a people have not reached any decision to abandon our accustomed type of life; up to date we have looked upon the officers of government not as masters but as servants of the people, and we have looked upon ourselves, the people, as master of our destiny. While, as I say, we have not reached any decision to abandon this philosophy, it seems to me that we are acting in many respects as if we had. ... If we really are in favor of changing our basic economic order, we must be prepared to abandon our present form of government along with it; for if we expect government to do our thinking planning and spending for us, we must be prepared to remove from government the necessity of submitting itself to frequent popular election. Otherwise, we shall have a planned economy, the plan of which changes whenever an election campaign approaches.
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.
