It is my belief that exchanges for dealing in securities and commodities are necessary and of definite value to our commercial and agricultural life. Nevertheless, it should be our national policy to restrict, so jar as possible, the use of these exchanges for purely speculative operations. —Franklin D. Roosevelt in a message to Congress, 1934.
Congress moved swiftly toward Federal regulation of the nation's stockmarkets, handing the President the Securities Exchange Act of 1934 a few months after he asked for it. Largely because grain markets were already regulated to some extent, the...
To continue reading:
or
Log-In
