Securities and Exchange Commission
SEC – Securities and Exchange Commission (Congress Regulation of Commerce)
Not all antidepression legislation, however, was of this new approach. The Securities Exchange Act of 1934 1 and the Public Utility Company Act (“Wheeler-Rayburn Act”) of 1935 2 were not. The former created the Securities and Exchange Commission and authorized it to lay down regulations designed to keep dealing in securities honest and aboveboard and closed the channels of interstate commerce and the mails to dealers refusing to register under the act. The latter required the companies governed by it to register with the Securities and Exchange Commission and to inform it concerning their business, organization, and financial structure, all on pain of being prohibited use of the facilities of interstate commerce and the mails; while, by § 11, the so-called “death sentence” clause, the same act closed the channels of interstate communication after a certain date to certain types of public utility companies whose operations, Congress found, were calculated chiefly to exploit the investing and consuming public. All these provisions have been sustained,3 with the Court relying principally on Gibbons v. Ogden.
Resources
References
This text about Securities and Exchange Commission is based on “The Constitution of the United States of America: Analysis and Interpretation”, published by the U.S. Government Printing Office.
[Footnote 1] 48 Stat. 881, 15 U.S.C. §§ 77b et seq.
[Footnote 2] 49 Stat. 803, 15 U.S.C. §§ 79-79z-6.
[Footnote 3] Electric Bond Co. v. SEC, 303 U.S. 419 (1938); North American Co. v. SEC, 327 U.S. 686 (1946); American Power & Light Co. v. SEC, 329 U.S. 90 (1946).
Tables of Contents
- Securities and Exchange Commission and other Topics in the Contents – Article 1 of the U.S. Constitution
- U.S. Constitutional Law Category
- List of amendments to the U.S. Constitution
- Securities and Exchange Commission and other Topics in the Constitution Contents
- Interpretation of the U.S. Constitution (Table of Contents)
- Clauses of the Constitution (Table of Contents)
Leave a Reply