Securities and Exchange Commission Historical Society


© Found Image Press, Corbis

The Timeline - the "museum within the museum" - expands to 2015 and adds new regulatory developments in the context of U.S. and world events from 1930 to the present. The expansion is in conjunction with the opening of The Municipal Securities Rulemaking Board Gallery on Municipal Securities Regulation last December.

The new regulatory developments include:

  • 1936 Industrial Development Bonds
  • 1944 Test of Tax Immunity of Municipal Bonds
  • 1971 Municipal Securities Insurance
  • 1972 Memphis Bond Daddies Investigation
  • 1988 Federal Taxation of Municipal Securities
  • 2000 Muni Council
  • 2004 Municipal Securities Central Post Office
  • 2006 Access Equals Delivery
  • 2010 SEC Bolsters Municipal Regulation
  • 2014 Impact of Real Time Reporting in Municipal Market
  • 2014 Insider Trading Liability Limited
  • 2015 Bitcoin Exchange


David Silver, March 29, 2005

"I did go back and look at my report to the mutual fund industry in 1982, and I'd like to share several sentences with you: 'I suggest to you that these demographics make money market fund shareholders an even more critically important factor in the future of the mutual fund industry than they are at present. These young, intelligent and increasingly affluent shareholders will be a major source of business for decades to come. They will be responsive to innovation and every effort should be made to serve their changing needs. Thus the legislative environment for money market funds is of paramount importance, not only for our present, but for the future.' In my long career at the Investment Company Institute, I was wrong a lot of the time, but this time I was right on the money."

- David Silver, March 29, 2005 Developments in the Mutual Fund Industry - Money Market Funds

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.

David Silver (1930 - 2013), former president and chief executive of the Investment Company Institute, was a leader in facilitating the growth of mutual funds and individual retirement accounts as investment opportunities for an ever-wider range of investors. Listen to his 2006 oral histories interview - conducted in two parts on March 22nd and on April 21st - and the insights he shared in the March 29, 2005 Developments in the Mutual Fund Industry - Money Market Funds broadcast.

Permission for Use

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: