Securities and Exchange Commission Historical Society

In the Midst of Revolution: The SEC, 1973-1981

First Linking Buyers and Sellers

Renewed Sense of Purpose

- October 28, 1975 Swearing-in ceremony for SEC Chairman Roderick M. Hills

The SEC began to move more aggressively to promote a central market by establishing the Advisory Committee on the Implementation of the Central Market System. The committee included several members from the securities industry. Frederick Wittemore, a Morgan Stanley partner, expressed his support, calling it a "positive step" and the "beginning of a new responsiveness." (27)

By 1974, the SEC had begun to reassert its authority by renewing the approach toward regulation that the agency had followed during the most successful of its 40-year history. Strong staff analysis, clear-headed recommendations, and cooperation with the securities industry, where possible, once again became the approach of the agency. Over the next two years, as Congress pushed in one direction or another, the SEC responded with a renewed sense of purpose to lead the forces of market regulation.

SEC Chairman Roderick Hills, who succeeded Garrett, cautioned that "somebody else - the Congress, the economy - may take the plate away from us… and some direction has to emerge" regarding a wide variety of issues.(28) SEC staff examined a host of new issues, including ties between institutions and brokers, the actions of accountants relating to financial disclosure, the full elimination of fixed rate commissions, the role of corporate boards in properly governing corporate behavior and public disclosure, the problem of fraud and insider trading, and broad ways to ensure market competition while protecting the stability of the securities industry.

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Footnotes:

(27) "S.E.C. Names Group on Central Market", The New York Times, May 11 1974, 43

(28) Robert M. Smith, "S.E.C.'s Chief Grapples With Disclosure Rules, Among Many Problems," The New York Times, January 4, 1976, NES33


Related Museum Resources

Papers

September 27, 1973
transcript pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
November 15, 1974
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
September 22, 1975
image pdf (Courtesy of the Gerald R. Ford Library)
September 24, 1975
transcript pdf (Courtesy of the Gerald R. Ford Library)
September 29, 1975
transcript pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
October 1, 1975
transcript pdf (Courtesy of the Gerald R. Ford Library)
October 2, 1975
transcript pdf (Courtesy of the Gerald R. Ford Library)
October 3, 1975
image pdf (Courtesy of the Gerald R. Ford Library)
October 6, 1975
image pdf (Roderick Hills Papers, Courtesy of the Gerald R. Ford Library)
November 13, 1975
transcript pdf (Roderick Hills Papers, Courtesy of the Gerald R. Ford Library)
November 14, 1975
image pdf (Courtesy of the Gerald R. Ford Library)
November 24, 1975
image pdf (Arthur F. Burns Papers, Courtesy of the Gerald R. Ford Library)
December 5, 1975
transcript pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
December 11, 1975
image pdf (Roderick Hills Papers, Courtesy of the Gerald R. Ford Library)
1976
transcript pdf (Roderick Hills Papers, Courtesy of the Gerald R. Ford Library)
1976
image pdf (Arthur F. Burns Papers, Courtesy of the Gerald R. Ford Library)
January 3, 1976
transcript pdf (Arthur F. Burns Papers, Courtesy of the Gerald R. Ford Library)
January 7, 1976
image pdf (Courtesy of the Gerald R. Ford Library)
January 14, 1976
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
February 5, 1976
image pdf (Government Records)
February 17, 1976
transcript pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
March 1976
image pdf (Roderick Hills Papers, Courtesy of the Gerald R. Ford Library)
March 15, 1976
transcript pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
March 15, 1976
image pdf (Courtesy of the Gerald R. Ford Library)
March 17, 1976
image pdf (Roderick Hills Papers, Courtesy of the Gerald R. Ford Library)
March 18, 1976
image pdf (Roderick Hills Papers, Courtesy of the Gerald R. Ford Library)
March 23, 1976
transcript pdf (Roderick Hills Papers, Courtesy of the Gerald R. Ford Library)
April 13, 1976
transcript pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
April 23, 1976
image pdf (With permission of Maryland Center for Public Broadcasting)
May 1, 1976
transcript pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
May 13, 1976
image pdf (Courtesy of the Gerald R. Ford Library)
May 26, 1976
image pdf (Government Records)
June 7, 1976
image pdf (Courtesy of the Gerald R. Ford Library)
June 21, 1976
transcript pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
June 21, 1976
image pdf (Roderick Hills Papers, Courtesy of the Gerald R. Ford Library)
June 24, 1976
image pdf (Courtesy of the Gerald R. Ford Library)
June 30, 1976
image pdf (Government Records)
June 30, 1976
transcript pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
August 2, 1976
image pdf (Roderick Hills Papers, Courtesy of the Gerald R. Ford Library)
August 9, 1976
image pdf (Arthur F. Burns Papers, Courtesy of the Gerald R. Ford Library)
August 23, 1976
transcript pdf (Roderick Hills Papers, Courtesy of the Gerald R. Ford Library)
August 31, 1976
transcript pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
August 31, 1976
transcript pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
September 20, 1976
transcript pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
September 21, 1976
transcript pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
September 30, 1976
transcript pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
September 30, 1976
image pdf (Roderick Hills Papers, Courtesy of the Gerald R. Ford Library)
October 5, 1976
transcript pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
October 12, 1976
transcript pdf (Roderick Hills Papers, Courtesy of the Gerald R. Ford Library)
October 14, 1976
image pdf (Courtesy of the Gerald R. Ford Library)
October 14, 1976
image pdf (Roderick Hills Papers, Courtesy of the Gerald R. Ford Library)
October 14, 1976
image pdf (Roderick Hills Papers, Courtesy of the Gerald R. Ford Library)
October 14, 1976
image pdf (Roderick Hills Papers, Courtesy of the Gerald R. Ford Library)
October 27, 1976
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
October 29, 1976
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
November 8, 1976
image pdf (Roderick Hills Papers, Courtesy of the Gerald R. Ford Library)
November 15, 1976
image pdf (Roderick Hills Papers, Courtesy of the Gerald R. Ford Library)
November 19, 1976
image pdf (Courtesy of the Gerald R. Ford Library)
December 3, 1976
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
January 17, 1977
transcript pdf (Courtesy of the Gerald R. Ford Library)
February 23, 1977
image pdf (Courtesy of the Jimmy Carter Library and Museum)
March 4, 1977
image pdf (Government Records)
March 18, 1977
image pdf (Arthur F. Burns Papers, Courtesy of the Gerald R. Ford Library)
April 1, 1977
transcript pdf (Courtesy of the Jimmy Carter Library and Museum)
April 2, 1977
image pdf (Courtesy of the Jimmy Carter Library and Museum)
May 9, 1977
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
September 30, 1977
43rd Annual Report of the Securities and Exchange Commission

(Government Records)

November 4, 1977
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
November 7, 1977
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
December 23, 1977
document pdf (Courtesy of Daniel Schatz)
December 1978
image pdf (All rights are owned exclusively by NYSE Euronext (copyright) 2009 NYSE Euronext. All Rights Reserved, courtesy New York Stock Exchange Archives)
January 12, 1979
transcript pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
June 29, 1979
transcript pdf (Courtesy of the Jimmy Carter Library and Museum)
November 13, 1980
image pdf (All rights are owned exclusively by NYSE Euronext (copyright) 2009 NYSE Euronext. All Rights Reserved, courtesy New York Stock Exchange Archives)

Photos

October 28, 1975

(starting second from left) Vice President Nelson Rockefeller, retired U.S. Supreme Court Justice Stanley Reed, the Honorable Carla Hills, SEC Chairman Roderick M. Hills and President Gerald R. Ford, outside the White House. Mr. Hills served as law clerk to Justice Reed from 1955 to 1957.

(Courtesy of Roderick M. Hills )
November 24, 1975

A. A. Sommer, Jr., Philip A. Loomis, Jr., Roderick M. Hills, John R. Evans and Irving M. Pollack

Oral Histories

08 May 2008

Ralph Ferrara

13 August 2003

James Foster

20 December 2002

Roderick Hills

16 April 2009

Lee Pickard

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