"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:
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.]
The virtual museum and archive is copyrighted by the SEC Historical Society. The Society reserves the right to restrict access to or use of the museum by any user at any time.
Users are prohibited from sharing or downloading any material for publication or commercial purposes without written permission from the Executive Director. Requests for permission must be submitted by email and specify the material requested and for what purpose.
Material used with the Society's permission should be credited to: www.sechistorical.org.