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With consent of the governed: SEC's formative years

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  • Thomas K. McCraw

Abstract

The Securities and Exchange Commission, established in 1934, has achieved a uniquely high reputation for effective regulation. The SEC succeeded in large measure because of the initial strategy developed by its founders. Led by Joseph P. Kennedy, James M. Landis, and William O. Douglas, the SEC sought to restore public confidence in the capital markets and induce regulated interests to help enforce public policy. These interests included the accounting profession, the organized securities exchanges, and the brokers and dealers operating in the over-the-counter market. In each case, the SEC encouraged the strengthening of regulatory structures within the private sector, using its power and influence to promote what later came to be called the “public use of private interest”.

Suggested Citation

  • Thomas K. McCraw, 1982. "With consent of the governed: SEC's formative years," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 1(3), pages 346-370.
    • Handle: RePEc:wly:jpamgt:v:1:y:1982:i:3:p:346-370
    DOI: 10.2307/3324354
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    Cited by:

    1. Keyser, John D., 2015. "The PCAOB's role in audit conduct and conscience," Research in Accounting Regulation, Elsevier, vol. 27(2), pages 111-118.
    2. Edward J. Balleisen, 2017. "American Better Business Bureaus, the Truth-in-Advertising Movement, and the Complexities of Legitimizing Business Self-Regulation over the Long Term," Politics and Governance, Cogitatio Press, vol. 5(1), pages 42-53.
    3. Sheu, Robert J., 2018. "An investigation about origins: A brief history of the PCAOB'S regulatory model," Research in Accounting Regulation, Elsevier, vol. 30(2), pages 159-165.

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