Stock Investors to Benefit from New Securities Commission
June 6. A 5-member Securities and Exchange Commission has been created to regulate the stock market and protect investors. The SEC will be chaired by multi-millionaire and long-time Roosevelt supporter Joseph P. Kennedy.
Kennedy vows to crack down on questionable securities dealers and to take measures that will avoid stock market disasters like the one experienced in 1929.
The Commission was formed as a result of the Securities Exchange Act, legislation which Congress passed upon the recommendation of President Roosevelt.
Source: Otis L. Graham, Jr. and Meghan Robinson Wander, Franklin D. Roosevelt: His Life and Times, New York, NY: Da Capo Press, Inc., 1985.