Securities and Exchange Commission Historical Society
Oral Histories

LISTEN TO THE VOICES

October 4, 1972 SEC Staff Meeting
October 4, 1972 SEC Staff Meeting: (left to right) Alan Rosenblat, Chief Counsel, Division of Investment Management; Lew Mendelson, Assistant Director, Division of Investment Management; Sydney Mendelsohn, Assistant Director, Division of Investment Management; Allan Mostoff, Director, Division of Investment Management; Aaron Levy, Director, Division of Corporate Regulation; Karl Smeltzer, Chief Financial Assistant, Division of Investment Management; Phil Gross, Special Counsel, Division of Enforcement; Bernard Wexler, Director, Office of Policy Planning; and Sandra Monse, Staff Assistant, Division of Investment Management

"If [the industry] had been given the choice of repeal of the 1940 Act, or enactment of the 1970 Amendments, I think they would have gone with the amendments. The issue generally was that regulation was good for the industry, it avoided problems, it's been reasonably well managed, and that while it may be for some a pain in the neck, it has generally been an important facet in the industry's success."
- October 30, 2002 Interview with Allan Mostoff

As part of the development of the Gallery on investment company regulation, hear from some of the women and men who have and continue to impact the regulation of the financial markets, including:

Barry Barbash
Partner, Willkie Farr & Gallagher LLP; and former Director, SEC Division of Investment Management
Joel Goldberg
Partner, Stroock & Stroock & Lavan LLP; and former Director, SEC Division of Investment Management
Martin Lybecker
Partner, Perkins Coie LLP; and former Associate Director, SEC Division of Investment Management
Allan Mostoff
Former Director, SEC Division of Investment Management
Marianne Smythe
Former Director, SEC Division of Investment Management
Susan Wyderko
President and CEO, Mutual Fund Directors Forum; former Acting Director, SEC Division of Investment Management and Director, SEC Office of Investor Education
Museum

CAN REGULATORY AGENCIES PROTECT THE CONSUMER?

Dr. George J. Stigler
Dr. George J. Stigler

Treasures from the Collection

During the year, the virtual museum and archive will highlight significant primary and original materials on financial regulation unique to its collection.

Watch the 1971 television debate "Can Regulatory Agencies Protect the Consumer?" as part of the "Washington Debates for the 70s" series. Produced by the American Enterprise Institute and moderated by Peter Lisagor, the debate features former SEC Chairman Manuel Cohen in discussion with Dr. George Stigler, Chicago School of Economics, University of Chicago on the extent of the government's role in the competitive system.

While Dr. Stigler believes "competition is an enormously-powerful protector" and that regulatory bodies act in the best interest of the regulated entity, not the consumer, Mr. Cohen states that "regulation is essential to preserve competition and to make it fair" and trusts that "the interest of the demanding public will deal with the stultification of regulatory agencies." Despite such reminders of a time past as open smoking and the heavy sideburns of the men, the topics raised still resonate today. [Note: There is a short break at approximately 33 minutes to switch to the second reel.]

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