SEC Founded
About SEC Founded
The Securities and Exchange Commission was created by the Securities Exchange Act of 1934 in response to the 1929 crash. The SEC was designed to restore investor confidence by requiring companies to disclose financial information and by prosecuting fraud. Joseph Kennedy, the first SEC chairman, was a former speculator who knew Wall Streets tricks. The SEC required public companies to file regular reports, register securities, and maintain honest accounting. The SECs effectiveness has been debated, particularly after it missed the Madoff fraud and failed to prevent the 2008 crisis. Despite criticism, the SEC remains the primary regulator of US securities markets.
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