Business: Preface to Protection

To Congress last week went the first of a series of reports from the Securities & Exchange Commission on reorganization and protective committees. This fertile field for Roosevelt reform is still unfinished business so far as New Deal securities legislation is concerned. A 133-page document, crammed with facts, figures and juicy dialog gleaned from SEC's hearings last year, the report dealt only with municipal securities. Other reports on railroad, real estate, industrial and foreign protective committees will soon follow, accompanied by recommendations for regulatory legislation.

Specific recommendations will not be made until other reports are in. But the trend of SEC thought,...

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