THOUGH scholarly Chairman William L. Gary, 53, hardly seems the reformer type, the Securities and Exchange Commission has not been so active since its founding days in the turbulent early 1930s. Since taking leave from his post as a Columbia University law professor in 1961, Gary has prodded the American Stock Exchange into overdue reforms, presided over the most sweeping investigation of Wall Street in 30 years. His judicious handling of the inquiry has made the SEC Washington's most respected regulatory agency—a reputation that does not hurt in Gary's current effort to shepherd through Congress the SEC's 3,000-page report calling...
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