U.S. Securities and Exchange Commission

Government agency overseeing stock exchanges

"Securities and Exchange Commission" redirects here. For other uses, see Securities and Exchange Commission (disambiguation).

U.S. Securities and Exchange Commission

Seal of the U.S. Securities and Exchange Commission

U.S. Securities and Exchange Commission headquarters in Washington, D.C.

Agency overview
Formed| June 6, 1934; 90 years ago (1934-06-06)
Jurisdiction| United States federal government
Headquarters| Washington, D.C., U.S.
Employees| 4,807 (2022)
Agency executive|

* Vacant, Chairman

Website| www.sec.gov
Footnotes
[1]
Administrative law of the United States

General

* Rulemaking
* Notice of proposed rulemaking
* Adjudication
* Administrative law judge
* Code of Federal Regulations
* Federal Register

Statutory framework

* Administrative Procedure Act
* Freedom of Information Act
* National Environmental Policy Act
* Government in the Sunshine Act
* National Emergencies Act
* Inspector General Act
* Regulatory Flexibility Act
* Paperwork Reduction Act
* Unfunded Mandates Reform Act
* Congressional Review Act
* Federal Vacancies Reform Act

Regulatory coordination

* Office of Information and Regulatory Affairs
* Administrative Conference
* Executive orders
* Cost–benefit analysis (Executive Order 12866)

Judicial review of agency action

* Arbitrary and capricious
* State Farm
* Chevron deference
* Auer deference
* Loper Bright
* Committed to agency discretion
* Due process
* Londoner
* Bi-Metallic
* Goldberg
* Mathews
* Exhaustion
* Major questions
* Nationwide injunction
* Ripeness
* Abbott Labs
* Standing
* Lujan

Separation of powers

* Appointments Clause
* Freytag
* Noel Canning
* Congressional oversight
* Authorization
* Organic statute
* Appropriation
* Hearings
* Senate confirmation
* Independent agencies
* Humphrey's Executor
* Seila Law
* Unitary executive theory
* Legislative veto
* Chadha
* Nondelegation

Regulated fields (and agencies)

* Antitrust and competition
* FTC
* CPSC
* CFPB
* Banking
* Treasury
* OCC
* FDIC
* FRB
* Communication
* FCC
* Energy
* DOE
* FERC
* Environment
* EPA
* FWS
* Food
* FDA
* CDC
* Health care
* HHS
* Immigration
* DHS
* EOIR
* Labor
* DOL
* NLRB
* Patent/trademark
* PTO
* Securities
* SEC
* CFTC
* Taxation
* IRS
* TC
* Trade
* DOC
* ITC
* Transportation
* DOT
* STB
* NTSB
* Social Security
* SSA

Related topics

* Constitutional law
* Statutory interpretation

* v
* t
* e

The U.S. Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street crash of 1929.[2][3][4] Its primary purpose is to enforce laws against market manipulation.[5][6]: 2

Created by Section 4 of the Securities Exchange Act of 1934 (now codified as 15 U.S.C. § 78d and commonly referred to as the Exchange Act or the 1934 Act), SEC enforces the Securities Act of 1933, the Trust Indenture Act of 1939, the Investment Company Act of 1940, the Investment Advisers Act of 1940, the Sarbanes–Oxley Act of 2002, among other statutes.[7]

## Overview

[edit]

This section needs additional citations for verification. Please help improve this article by adding citations to reliable sources in this section. Unsourced material may be challenged and removed. (February 2017) (Learn how and when to remove this message)

|

The SEC has a three-part mission: to protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation.[8]

To achieve its mandate, the SEC enforces the statutory requirement that public companies and other regulated entities submit quarterly and annual reports, as well as other periodic disclosures. In addition to annual financial reports, company executives must provide a narrative account, called the "management discussion and analysis" (MD&A), that outlines the previous year of operations and explains how the company fared in that time period. MD&A usually addresses the upcoming year, outlining future goals and approaches to new projects.

Quarterly and semiannual reports from public companies are crucial for investors to make sound decisions when investing in capital markets. Unlike banking, investment in capital markets is not guaranteed by the federal government. The potential for large gains needs to be weighed against that of sizable losses. Mandatory disclosure of financial and other information about the issuer and the security itself gives private individuals as well as large institutions the same fundamental facts about the public companies they invest in, thereby increasing public scrutiny while reducing insider trading and fraud.

In an attempt to level the playing field for all investors, the SEC maintains an online database called EDGAR (the Electronic Data Gathering, Analysis, and Retrieval system) online from which investors can access information filed with the agency, such as reports. The same online system also accepts tips and complaints from investors to help the SEC track down violators of the securities laws, as well as offering publications on investment-related topics for public education. The SEC maintains a strict policy of refraining from commenting on the existence or status of any ongoing investigation.

## History

[edit]

### Background

[edit]

Prior to the enactment of the federal securities laws and the creation of the SEC, securities trading was governed by so-called blue sky laws. These laws were enacted and enforced at the state level and regulated the offering and sale of securities to protect the public from fraud. Though the specific provisions of these laws varied among states, they all required the registration of all securities offerings and sales, as well as of every U.S. stockbroker and brokerage firm.[9] However, blue sky laws were generally considered ineffective. For example, as early as 1915, the Investment Bankers Association told its members that they could circumvent blue sky laws by making securities offerings across state lines through the mail.[10]

### Founding

[edit]

See also: Securities Act of 1933 and Securities Exchange Act of 1934

The SEC's authority was established by the Securities Act of 1933 and Securities Exchange Act of 1934; both laws are considered parts of Franklin D. Roosevelt's New Deal program.

After the Pecora Commission hearings on abuses and frauds in securities markets, Congress passed the Securities Act of 1933 (15 U.S.C. § 77a), which federally regulates original issues of securities across state lines, primarily by requiring that issuing companies register distributions prior to sale so that investors may access basic financial information and make informed decisions.[11] For the first year of the law's enactment, the enforcement of the statute rested with the Federal Trade Commission.

The subsequent Securities Exchange Act of 1934 (15 U.S.C. § 78d) regulates secondary markets for securities. The 1934 Act regulates secondary trading between individuals and companies which are often unrelated to the original issuers of securities. Entities under the SEC's authority include securities exchanges with physical trading floors such as the New York Stock Exchange, self-regulatory organizations, the Municipal Securities Rulemaking Board, NASDAQ, alternative trading systems, and any other persons engaged in transactions for the accounts of others. Section 4 of the 1934 Act transferred the FTC's enforcement authority under the 1933 Act to the newly created Securities and Exchange Commission and tasked the new commission with enforcing both acts.[12]

Joseph P. Kennedy Sr, the inaugural chairman of the SEC

In 1934, Roosevelt named his friend Joseph P. Kennedy, a self-made multimillionaire, financier, and leader among the Irish-American community, as chairman of the SEC. Roosevelt chose Kennedy partly based on his experience on Wall Street.[13] Two of the other five commissioners were James M. Landis and Ferdinand Pecora. Kennedy added a number of intelligent young lawyers to the SEC staff, including William O. Douglas and Abe Fortas, both of whom later became Supreme Court justices.[14]

Kennedy's team defined four missions for the new commission: (1) to restore investor confidence in the securities market, which had practically collapsed; (2) to restore integrity to securities markets by prosecuting and eliminating fraudulent and unsound practices targeting investors; (3) to end million-dollar insider trading by top officials of major corporations; and (4) to establish a complex and universal system of registration for securities sold in America, with a clear-cut set of deadlines, rules and guidelines. The SEC succeeded; Kennedy reassured the American business community that they would no longer be deceived and tricked and taken advantage of by Wall Street. He became a cheerleader for ordinary investors to return to the market and enable the economy to grow again.[14]

Later SEC commissioners and chairmen include William O. Douglas, Jerome Frank, and William J. Casey.

Since 1994, most registration statements (and associated materials) filed with the SEC can be accessed via the SEC's online system, EDGAR.[11]

### 21st century

[edit]

In 2019, the Securities and Exchange Commission Historical Society introduced an online gallery to illustrate changes in the US securities market structure since the 1930s. The online gallery features a narrative history supported by dozens of documents, papers, interviews, photos and videos.[3]

### List of chairs

[edit]

See also: List of members of the Securities and Exchange Commission

No. | Portrait  | Name  | State of residency  | Term of office  | Appointed by

|
|
|
|
|

Term start  | Term end  | Time in office
1  |  | Joseph P. Kennedy Sr. | Massachusetts | June 30, 1934  | September 23, 1935  | 1 year, 85 days  | Roosevelt
2  |  | James M. Landis | Massachusetts  | September 23, 1935  | September 15, 1937  | 1 year, 357 days  | Roosevelt
3  |  | William O. Douglas | Connecticut | August 17, 1937  | April 15, 1939  | 1 year, 241 days  | Roosevelt
4  |  | Jerome Frank | Illinois | May 18, 1939  | April 9, 1941  | 1 year, 326 days  | Roosevelt
5  |  | Edward C. Eicher | Iowa | April 9, 1941  | January 20, 1942  | 286 days  | Roosevelt
6  |  | Ganson Purcell |  | January 20, 1942  | June 30, 1946  | 4 years, 161 days  | Roosevelt
7  |  | James J. Caffrey |  | July 23, 1946  | December 31, 1947  | 1 year, 161 days  | Truman
8  |  | Edmond M. Hanrahan | New York | May 18, 1948  | November 3, 1949  | 1 year, 169 days  | Truman
9  |  | Harry A. McDonald |  | November 4, 1949  | February 25, 1952  | 2 years, 113 days  | Truman
10  |  | Donald C. Cook | Michigan | February 26, 1952  | June 17, 1953  | 1 year, 111 days  | Truman
11  |  | Ralph H. Demmler | Pennsylvania | June 27, 1953  | May 25, 1955  | 1 year, 332 days  | Eisenhower
12  |  | J. Sinclair Armstrong | New York | May 25, 1955  | June 27, 1957  | 2 years, 33 days  | Eisenhower
13  |  | Edward N. Gadsby | Massachusetts | August 20, 1957  | March 26, 1961  | 3 years, 218 days  | Eisenhower
14  |  | William L. Cary |  | March 27, 1961  | August 20, 1964  | 3 years, 146 days  | Kennedy
15  |  | Manuel F. Cohen |  | August 20, 1964  | February 22, 1969  | 4 years, 186 days  | Johnson
16  |  | Hamer H. Budge | Idaho | February 22, 1969  | January 2, 1971  | 1 year, 314 days  | Nixon
17  |  | William J. Casey | New York | April 14, 1971  | February 2, 1973  | 1 year, 294 days  | Nixon
18  |  | G. Bradford Cook | Nebraska | March 3, 1973  | May 16, 1973  | 74 days  | Nixon
19  |  | Ray Garrett Jr. | Illinois | August 6, 1973  | October 28, 1975  | 2 years, 83 days  | Nixon
20  |  | Roderick M. Hills | California | October 28, 1975  | April 10, 1977  | 1 year, 164 days  | Ford
21  |  | Harold M. Williams | California  | April 18, 1977  | March 1, 1981  | 3 years, 317 days  | Carter
22  |  | John S. R. Shad |  | May 6, 1981  | June 18, 1987  | 6 years, 43 days  | Reagan
23  |  | David Sturtevant Ruder | Illinois | August 7, 1987  | September 30, 1989  | 2 years, 54 days  | Reagan
24  |  | Richard C. Breeden | New York | October 11, 1989  | May 7, 1993  | 3 years, 208 days  | Bush Sr.
–  |  | Mary Schapiro (acting)  | New York  | May 7, 1993  | July 27, 1993  | 81 days  | Clinton
25  |  | Arthur Levitt | New York  | July 27, 1993  | February 9, 2001  | 7 years, 227 days  | Clinton
26  |  | Harvey Pitt | New York  | August 3, 2001  | February 18, 2003  | 1 year, 199 days  | Bush Jr.
27  |  | William H. Donaldson | New York  | February 18, 2003  | June 30, 2005  | 2 years, 132 days  | Bush Jr.
28  |  | Christopher Cox | California | August 3, 2005  | January 20, 2009  | 3 years, 170 days  | Bush Jr.
29  |  | Mary Schapiro | New York | January 27, 2009  | December 14, 2012  | 3 years, 322 days  | Obama
30  |  | Elisse B. Walter | New York  | December 14, 2012  | April 10, 2013  | 117 days  | Obama
31  |  | Mary Jo White | New York  | April 10, 2013  | January 20, 2017  | 3 years, 285 days  | Obama
–  |  | Michael Piwowar (acting)  | Washington D.C. | January 20, 2017  | May 4, 2017  | 104 days  | Trump
32  |  | Jay Clayton | Pennsylvania | May 4, 2017  | December 23, 2020  | 3 years, 233 days  | Trump
–  |  | Elad Roisman (acting)  | Washington D.C. | December 24, 2020  | January 20, 2021  | 27 days  | Trump
–  |  | Allison Lee (acting)  | Washington D.C.  | January 20, 2021  | April 17, 2021  | 87 days  | Biden
33  |  | Gary Gensler | Maryland | April 17, 2021  | January 20, 2025  | 3 years, 278 days  | Biden

## Organizational structure

[edit]

### Commission members

[edit]

Main article: List of members of the Securities and Exchange Commission

The commission has five commissioners who are appointed by the president of the United States. No more than three commissioners may belong to the same political party. Their terms last five years and are staggered so that one commissioner's term ends on June 5 of each year. Service may continue up to eighteen additional months past term expiration.

The president also designates one of the commissioners as chairman, the SEC's top executive. However, the president does not possess the power to fire the appointed commissioners, a provision that was made to ensure the independence of the SEC. This issue arose during the 2007–2008 financial crisis and the John McCain 2008 presidential campaign.

### Current commissioners

[edit]

The current board members as of January 20, 2025[update]:[15]

Position  | Name  | Party  | Took office  | Term expires

|
|
|
|

Member  | Hester Peirce | Republican  | January 11, 2018 | June 5, 2025
Member  | Caroline A. Crenshaw | Democratic  | August 17, 2020 | June 5, 2024
Member  | Mark Uyeda | Republican  | June 30, 2022 | June 5, 2028
Member  | Vacant |  |  | June 5, 2026
Member  | Vacant |  |  | June 5, 2027

### Divisions

[edit]

U.S. Securities and Exchange Commission headquarters in Washington, D.C., near Washington Union Station

Within the SEC, there are six divisions, which is headquartered in Washington, D.C.

The SEC's divisions are:[4]

* Corporation Finance
* Trading and Markets
* Investment Management
* Enforcement
* Economic and Risk Analysis
* Examinations

Corporation Finance is the division that oversees the disclosure made by public companies, as well as the registration of transactions, such as mergers, made by companies. The division is also responsible for operating EDGAR.

The Trading and Markets division oversees self-regulatory organizations (SRO's) such as the Financial Industry Regulatory Authority (FINRA) and Municipal Securities Rulemaking Board (MSRB) and all broker-dealer firms and investment houses. This division also interprets proposed changes to regulations and monitors operations of the industry. In practice, the SEC delegates most of its enforcement and rulemaking authority to FINRA. In fact, all trading firms not regulated by other SROs must register as a member of FINRA. Individuals trading securities must pass exams administered by FINRA to become registered representatives.[16]

The Investment Management Division oversees registered investment companies, which include mutual funds, as well as registered investment advisors. These entities are subject to extensive regulation under various federal securities laws.[17] The Division of Investment Management administers various federal securities laws, in particular, the Investment Company Act of 1940 and Investment Advisers Act of 1940. This division's responsibilities include:[18]

* assisting the commission in interpreting laws and regulations for the public and SEC inspection and enforcement staff;
* responding to no-action requests and requests for exemptive relief;
* reviewing investment company and investment adviser filings;
* assisting the commission in enforcement matters involving investment companies and advisers; and
* advising the commission on adapting SEC rules to new circumstances.

The Enforcement Division investigates violations of the securities laws and regulations to bring legal actions against alleged violators. It is the largest division in terms of both headcount and budget, and its resources have been increased by more than 50% since the 2007–2008 financial crisis.[19] The SEC can bring a civil action in a U.S. District Court, or an administrative proceeding which is heard by an independent administrative law judge (ALJ). The SEC does not have criminal authority but may refer matters to state and federal prosecutors.

The Economic and Risk Analysis Division (DERA) was created in September 2009 to integrate financial economics and rigorous data analytics into the core mission of the SEC. The division is involved across the entire range of SEC activities, including policy-making, rule-making, enforcement, and examination. As the agency's "think tank", DERA relies on a variety of academic disciplines, quantitative and non-quantitative approaches, and knowledge of market institutions and practices to help the commission approach complex matters in a fresh light. DERA also assists in the commission's efforts to identify, analyze, and respond to risks and trends, including those associated with new financial products and strategies. Through the range and nature of its activities, DERA serves the critical function of promoting collaborative efforts throughout the agency and breaking through silos that might otherwise limit the impact of the agency's institutional expertise. The division's activities include providing detailed, high-quality economic and statistical analyzes, and specific subject-matter expertise to the commission and other divisions/offices and developing customized, analytic tools and analyzes to proactively detect market risks indicative of possible violations of the federal securities laws. Using data, DERA staff create analytic programs designed to detect patterns identifying risks, enabling commission divisions and offices to deploy scarce resources targeting possible misconduct. DERA also houses the commission's chief economist.[20]

The Division of Examinations conducts the SEC's National Exam Program. The division's mission is to protect investors, ensure market integrity and support responsible capital formation through risk-focused strategies that: (1) improve compliance; (2) prevent fraud; (3) monitor risk; and (4) inform policy. The results of the division's examinations are used by the SEC to inform rule-making initiatives, identify and monitor risks, improve industry practices and pursue misconduct.

### Regional offices

[edit]

There are 11 regional offices throughout the US, which are listed below along with the name of the respective regional director.[21]

* Atlanta – Nekia Hackworth Jones
* Boston – Silvestre A. Fontes
* Chicago – Daniel Gregus
* Denver – Jason Burt
* Fort Worth – Eric R. Werner
* Los Angeles – Katharine Zoladz, J. Cindy Eson
* Miami – Eric I. Bustillo
* New York City – Antonia M. Apps
* Philadelphia – Nicholas P. Grippo
* Salt Lake City – Tracy S. Combs
* San Francisco – Monique Winkler

Among the SEC's offices are:

* The Office of General Counsel, which acts as the agency's "lawyer" before federal appellate courts and provides legal advice to the commission and other SEC divisions and offices;
* The Office of the Chief Accountant, which establishes and enforces accounting and auditing policies set by the SEC. This office has played a role in such areas as working with the Financial Accounting Standards Board to develop Generally Accepted Accounting Principles, the Public Company Accounting Oversight Board in developing audit requirements, and the International Accounting Standards Board in advancing the development of International Financial Reporting Standards;
* The Office of Compliance, Inspections and Examinations, which inspects broker-dealers, stock exchanges, credit rating agencies, registered investment companies, including both closed-end and open-end (mutual funds) investment companies, money funds. and Registered Investment Advisors;
* The Office of International Affairs, which represents the SEC abroad and which negotiates international enforcement information-sharing agreements, develops the SEC's international regulatory policies in areas such as mutual recognition, and helps develop international regulatory standards through organizations such as the International Organization of Securities Commissions and the Financial Stability Forum; and
* The Office of Information Technology, which supports the commission and staff in information technology, including application development, infrastructure operations. and engineering, user support, IT program management, capital planning, security, and enterprise architecture.
* The Inspector General. The SEC announced in January 2013 that it had named Carl Hoecker the new inspector general.[22][23] He has a staff of 22.[24]
* The SEC Office of the Whistleblower provides assistance and information from a whistleblower who knows of possible securities law violations: this can be among the most powerful weapons in the law enforcement arsenal of the Securities and Exchange Commission.[25] Created by Section 922 of the Dodd-Frank Wall Street Reform and Consumer Protection Act Dodd–Frank Wall Street Reform and Consumer Protection Act amended the Securities Exchange Act of 1934 (the "Exchange Act") by, among other things, adding Section 21F, entitled "Securities Whistleblower Incentives and Protection".[26] Section 21F directs the commission to make monetary awards to eligible individuals who voluntarily provide original information that leads to successful commission enforcement actions resulting in the imposition of monetary sanctions over $1,000,000, and certain successful related actions.[27]

## Communications

[edit]

### Comment letters

[edit]

Comment letters are issued by the SEC's Division of Corporation Finance in response to a company's public filing.[28] This letter, initially private, contains an itemized list of requests from the SEC. Each comment in the letter asks the filer to provide additional information, modify their submitted filing, or change the way they disclose in future filings. The filer must reply to each item in the comment letter. The SEC may then reply back with follow-up comments.[29] This correspondence is later made public.

In October 2001 the SEC wrote to CA, Inc., covering 15 items, mostly about CA's accounting, including 5 about revenue recognition.[30] The chief executive officer of CA, to whom the letter was addressed, pleaded guilty to fraud at CA in 2004.[30]

In June 2004, the SEC announced that it would publicly post all comment letters, to give investors access to the information in them. An analysis of regulatory filings in May 2006 over the prior 12 months indicated, that the SEC had not accomplished what it said it would do. The analysis found 212 companies that had reported receiving comment letters from the SEC, but only 21 letters for these companies were posted on the SEC's website. John W. White, the head of the Division of Corporation Finance, told the New York Times in 2006: "We have now resolved the hurdles of posting the information... We expect a significant number of new postings in the coming months."[30]

### No-action letters

[edit]

No-action letters are letters by the SEC staff indicating that the staff will not recommend to the commission that the SEC undertake enforcement action against a person or company if that entity engages in a particular action. These letters are sent in response to requests made when the legal status of an activity is not clear. These letters are publicly released and increase the body of knowledge on what exactly is and is not allowed. They represent the staff's interpretations of the securities laws and, while persuasive, are not binding on the courts.

One such use, from 1975 to 2007, was with the nationally recognized statistical rating organization (NRSRO), a credit rating agency that issues credit ratings that the SEC permits other financial firms to use for certain regulatory purposes.

## Freedom of Information Act processing performance

[edit]

In the latest Center for Effective Government analysis of 15 federal agencies which receive the most Freedom of Information Act (FOIA) requests published in 2015 (using 2012 and 2013 data, the most recent years available), the SEC was among the 5 lowest performers, earned a D− by scoring 61 out of a possible 100 points, i.e. did not earn a satisfactory overall grade. It had deteriorated from a D− in 2013.[31]

## Operations

[edit]

### List of major SEC enforcement actions (2009–12)

[edit]

Main article: List of major SEC enforcement actions (2009–12)

The SEC's Enforcement Division took a number of major actions in 2009–12.

### Regulatory action in the credit crunch

[edit]

The SEC announced on September 17, 2008, strict new rules to prohibit all forms of "naked short selling" as a measure to reduce volatility in turbulent markets.[32][33]

The SEC investigated cases involving individuals attempting to manipulate the market by passing false rumors about certain financial institutions. The commission has also investigated trading irregularities and abusive short-selling practices. Hedge fund managers, broker-dealers, and institutional investors were also asked to disclose under oath certain information pertaining to their positions in credit default swaps. The commission also negotiated the largest settlements in the history of the SEC (approximately $51 billion in all) on behalf of investors who purchased auction rate securities from six different financial institutions.

### Regulatory failures

[edit]

The SEC has been criticized "for being too 'tentative and fearful' in confronting wrongdoing on Wall Street", and for doing "an especially poor job of holding executives accountable".[34][35][36]

Christopher Cox, the former SEC chairman, has recognized the organization's multiple failures in relation to the Bernard Madoff fraud.[37] Starting with an investigation in 1992 into a Madoff feeder fund that only invested with Madoff, and which, according to the SEC, promised "curiously steady" returns, the SEC did not investigate indications that something was amiss in Madoff's investment firm.[38] The SEC has been accused of missing numerous red flags and ignoring tips on Madoff's alleged fraud.[39]

As a result, Cox said that an investigation would ensue into "all staff contact and relationships with the Madoff family and firm, and their impact, if any, on decisions by staff regarding the firm".[40] SEC assistant director of the Office of Compliance Investigations Eric Swanson had met Madoff's niece, Shana Madoff, when Swanson was conducting an SEC examination of whether Bernard Madoff was running a Ponzi scheme because she was the firm's compliance attorney. The investigation was closed, and Swanson subsequently left the SEC, and married Shana Madoff.[41]

Approximately 45 percent of institutional investors thought that better oversight by the SEC could have prevented the Madoff fraud.[42] Harry Markopolos complained to the SEC's Boston office in 2000, telling the SEC staff they should investigate Madoff because it was impossible to legally make the profits Madoff claimed using the investment strategies that he said he used.[43]

In June 2010, the SEC settled a wrongful termination lawsuit with former SEC enforcement lawyer Gary J. Aguirre, who was terminated in September 2005 following his attempt to subpoena Wall Street figure John J. Mack in an insider trading case involving hedge fund Pequot Capital Management;[44] Mary Jo White, who later served as chair of the SEC, was at the time representing Morgan Stanley and was involved in this case.[45] While the insider case was dropped at the time, a month prior to the SEC's settlement with Aguirre the SEC filed charges against Pequot.[44] The Senate released a report in August 2007 detailing the issue and calling for reform of the SEC.[46]

On September 26, 2016, Democratic senator Mark Warner sent a letter to the SEC, asking them to evaluate whether the current disclosure regime was adequate, citing the low number of companies' disclosures to date.[47][48][49]

#### Inspector General office failures

[edit]

In 2009, the Project on Government Oversight, a government watchdog group, sent a letter to Congress criticizing the SEC for failing to implement more than half of the recommendations made to it by its Inspector General.[50] According to POGO, in the prior two years, the SEC had taken no action on 27 out of 52 recommended reforms suggested in Inspector General reports, and still had a "pending" status on 197 of the 312 recommendations made in audit reports. Some of the recommendations included imposing disciplinary action on SEC employees who receive improper gifts or other favors from financial companies, and investigating and reporting the causes of the failures to detect the Madoff ponzi scheme.[51]

In a 2011 article by Matt Taibbi in Rolling Stone, former SEC employees were interviewed and commented negatively on the SEC's Office of the Inspector General (OIG). Going to the OIG was "well-known to be a career-killer".[52]

Because of concerns raised by David P. Weber, former SEC Chief Investigator, regarding conduct by SEC Inspector General H. David Kotz, Inspector General David C. Williams of the U.S. Postal Service was brought in to conduct an independent, outside review of Kotz's alleged improper conduct in 2012.[53] Williams concluded in his 66-page Report that Kotz violated ethics rules by overseeing probes that involved people with whom he had conflicts of interest due to "personal relationships".[53][54] The report questioned Kotz's work on the Madoff investigation, among others, because Kotz was a "very good friend" with Markopolos.[54][55][56][57] It concluded that while it was unclear when Kotz and Markopolos became friends, it would have violated U.S. ethics rules if their relationship began before or during Kotz's Madoff investigation.[54] The report also found that Kotz himself "appeared to have a conflict of interest" and should not have opened his Standford investigation, because he was friends with a female attorney who represented victims of the fraud.[55]

#### Destruction of documents

[edit]

According to former SEC employee and whistleblower Darcy Flynn, also reported by Taibbi, the agency routinely destroyed thousands of documents related to preliminary investigations of alleged crimes committed by Deutsche Bank, Goldman Sachs, Lehman Brothers, SAC Capital, and other financial companies involved in the Great Recession that the SEC was supposed to have been regulating. The documents included those relating to "Matters Under Inquiry", or MUI, the name the SEC gives to the first stages of the investigation process. The tradition of destruction began as early as the 1990s. This SEC activity eventually caused a conflict with the National Archives and Records Administration when it was revealed to them in 2010 by Flynn. Flynn also described a meeting at the SEC in which top staff discussed refusing to admit the destruction had taken place, because it was possibly illegal.[52]

Iowa Republican Senator Charles Grassley, among others, took note of Flynn's call for protection as a whistleblower, and the story of the agency's document-handling procedures. The SEC issued a statement defending its procedures. NPR quoted University of Denver Sturm College of Law professor Jay Brown as saying: "My initial take on this is it's a tempest in a teapot," and Jacob Frenkel, a securities lawyer in the Washington, D.C., area, as saying in effect "there's no allegation the SEC tossed sensitive documents from banks it got under subpoena in high-profile cases that investors and lawmakers care about". NPR concluded its report:

> The debate boils down to this: What does an investigative record mean to Congress? And the courts? Under the law, those investigative records must be kept for 25 years. But federal officials say no judge has ruled that papers related to early-stage SEC inquiries are investigative records. The SEC's inspector general says he's conducting a thorough investigation into the allegations. [Kotz] tells NPR that he'll issue a report by the end of September.[58]

#### SEC and cryptocurrency

[edit]

On June 5, 2023, the SEC filed 13 charges against Binance entities and its founder Changpeng Zhao, citing allegations of mishandling customer funds and operating without proper registration.[59][60] The following day, the SEC charged Coinbase for operating as an unregistered securities exchange, broker, and clearing agency, further signaling its intensified scrutiny of major players in the industry.[61][62]

A key point of contention between the SEC and the crypto industry lies in defining what constitutes a security. The SEC applies the Howey Test, derived from a 1946 U.S. Supreme Court decision, which defines a security as "an investment of money in a common enterprise with profits to come solely from the efforts of others."[63] The agency has classified many crypto assets as securities based on this test, asserting that their value often depends on the efforts of developers or other central parties behind blockchain projects. Critics argue that the test is outdated and ill-suited to the decentralized nature of cryptocurrencies, leaving regulatory definitions unclear and fostering uncertainty. Research by economists found that unpredictable SEC enforcement actions under Gensler, classifying cryptocurrencies as securities without clear guidelines, caused prolonged destabilization in crypto markets.[64] Unclear guidelines raise doubts about the agency's ability to maintain fair and orderly markets.

SEC and Cypersecurity Risk

On July 26, 2023, the SEC adopted the Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure rule which was designed to encourage public companies to transparently and effectively manage cybersecurity risk.

#### Climate disclosure rule

[edit]

In 2024, the SEC decided on a climate disclosure rule, The Enhancement and Standardization of Climate-Related Disclosures for Investors. It requires companies to disclose information on their risk to be impacted by climate change and a company's risks to profit by a growing number of climate change regulations, concerning direct and indirect greenhouse gas emissions produced.[65]

## Whistleblower program

[edit]

The SEC runs a whistleblower rewards program, which rewards individuals who report violations of securities laws to the SEC.[66][67] The program began in 2011 with the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act and allows whistleblowers to be given 10–30% of the penalties collected by the SEC and other agencies as a result of the whistleblower's information.[68][69][70] As of 2021, the SEC had recovered $4.8 billion in monetary remedies as a result of information obtained through the whistleblower program and had paid out over $1 billion to whistleblowers.[67][71] As part of the program, the SEC issues a report to Congress each year and the 2021 report is available online.[72]

## Relationship to other agencies

[edit]

In addition to working with various self-regulatory organizations such as the Financial Industry Regulatory Authority (FINRA), the Securities Investor Protection Corporation (SIPC), and Municipal Securities Rulemaking Board (MSRB), the SEC also works with federal agencies, state securities regulators, international securities agencies and law enforcement agencies.[73]

In 1988, Executive Order 12631 established the president's Working Group on Financial Markets. The Working Group is chaired by the secretary of the treasury and includes the chairman of the SEC, the chairman of the Federal Reserve and the chairman of the Commodity Futures Trading Commission. The goal of the Working Group is to enhance the integrity, efficiency, orderliness, and competitiveness of the financial markets while maintaining investor confidence.[74]

The Securities Act of 1933 was originally administered by the Federal Trade Commission. The Securities Exchange Act of 1934 transferred this responsibility from the FTC to the SEC. The Securities Exchange Act of 1934 also gave the SEC the power to regulate the solicitation of proxies, though some of the rules the SEC has since proposed (like the universal proxy) have been controversial.[75]: 4 [76]: 2 The main mission of the FTC is to promote consumer protection and to eradicate anti-competitive business practices. The FTC regulates general business practices, while the SEC focuses on the securities markets.

The Temporary National Economic Committee was established by joint resolution of Congress 52 Stat. 705 on June 16, 1938. It was in charge of reporting to Congress on abuses of monopoly power. The committee was defunded in 1941, but its records are still under seal by order of the SEC.[77]

The Municipal Securities Rulemaking Board (MSRB) was established in 1975 by Congress to develop rules for companies involved in underwriting and trading municipal securities. The MSRB is monitored by the SEC, but the MSRB does not have the authority to enforce its rules.

The Asset Management Advisory Committee (AMAC)[78] was formally established on 1 November 2019, to provide the SEC with "diverse perspectives on asset management and related advice and recommendations". Topics the committee may address include trends and developments affecting investors and market participants, the effects of globalization, and changes in the role of technology and service providers. The committee is composed of outside experts, including individuals representing the views of retail and institutional investors, small and large funds, intermediaries, and other market participants.[79]

While most violations of securities laws are enforced by the SEC and the various SROs it monitors, state securities regulators can also enforce statewide securities blue sky laws.[9] States may require securities to be registered in the state before they can be sold there. National Securities Markets Improvement Act of 1996 (NSMIA) addressed this dual system of federal-state regulation by amending Section 18 of the 1933 Act to exempt nationally traded securities from state registration, thereby pre-empting state law in this area. However, NSMIA preserves the states' anti-fraud authority over all securities traded in the state.[80]

The SEC also works with federal and state law enforcement agencies to carry out actions against actors alleged to be in violation of the securities laws.

The SEC is a member of International Organization of Securities Commissions (IOSCO), and uses the IOSCO Multilateral Memorandum of Understanding as well as direct bilateral agreements with other countries' securities commissions to deal with cross-border misconduct in securities markets.

## Related legislation

[edit]

* 1933: Securities Act of 1933
* 1934: Securities Exchange Act of 1934
* 1938: Temporary National Economic Committee (establishment)
* 1939: Trust Indenture Act of 1939
* 1940: Investment Advisers Act of 1940
* 1940: Investment Company Act of 1940
* 1968: Williams Act (Securities Disclosure Act)
* 1982: Garn–St. Germain Depository Institutions Act
* 1999: Gramm–Leach–Bliley Act
* 2000: Commodity Futures Modernization Act of 2000
* 2002: Sarbanes–Oxley Act
* 2003: Fair and Accurate Credit Transactions Act of 2003
* 2006: Credit Rating Agency Reform Act of 2006
* 2010: Dodd–Frank Wall Street Reform and Consumer Protection Act
* 2012: Volcker Rule (a specific section of the Dodd–Frank Act)
* 2020: Holding Foreign Companies Accountable Act
* Title 17 of the Code of Federal Regulations
* 2023: SEC Cybersecurity Rules: Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure by Public Companies[81]

## See also

[edit]

* United States portal

* Financial regulation
* Financial risk management
* NYSE Chicago
* Regulation D (SEC)
* Regulatory capture
* Risk management
* Securities market participants (United States)
* United States securities regulation
* List of financial regulatory authorities by jurisdiction

### Forms

[edit]

* SEC filing
* Form 4 (stock and stock options ownership and exercise disclosure)
* Form 8-K
* Form 10-K
* Form 10-Q
* Form S-1 (IPO)

## References

[edit]

1. ^ FY 2023 Congressional Budget Justification (PDF). U.S. Securities and Exchange Commission. 2022. p. 16.
2. ^ Van Loo, Rory (August 1, 2018). "Regulatory Monitors: Policing Firms in the Compliance Era". Faculty Scholarship. 119 (2): 369.
3. ^ a b "History Associates Details the Evolution of Securities Market Structure in New Online Exhibit". History Associates. Retrieved April 28, 2019.
4. ^ a b [1] U.S. Securities and Exchange Commission
5. ^ SEC (June 10, 2013). "What We Do". SEC.gov. U.S. Securities and Exchange Commission. Retrieved March 24, 2017.
6. ^ Hirst, Scott (July 1, 2018). "The Case for Investor Ordering". The Harvard Law School Program on Corporate Governance Discussion Paper. 2017–13.
7. ^ "Securities and Exchange Commission (SEC) – Overview, History & Setup". Corporate Finance Institute. Retrieved April 16, 2021.
8. ^ "The Role of the SEC". Investor.gov.
9. ^ a b "Blue Sky laws". Seclaw.com. July 7, 2007. Archived from the original on December 9, 2017. Retrieved March 1, 2013.
10. ^ Seligman, Joel (2003). The Transformation of Wall Street. Aspen. pp. 45, 51–52.51-52&rft.pub=Aspen&rft.date=2003&rft.aulast=Seligman&rft.aufirst=Joel&rfr_id=info:sid/en.wikipedia.org:U.S.+Securities+and+Exchange+Commission" class="Z3988">
11. ^ a b "Securities Act of 1933" (PDF). Retrieved March 1, 2013.
12. ^ "Securities Exchange Act of 1934" (PDF). Retrieved March 1, 2013.
13. ^ David Nasaw, The Patriarch: The Remarkable Life and Turbulent Times of Joseph P. Kennedy (2012), pp. 204–37.
14. ^ a b Nassau, The Patriarch, pp. 226–28
15. ^ "SEC Commissioners". SEC.gov. U.S. Securities and Exchange Commission. Retrieved December 22, 2024.
16. ^ "National Association of Securities Dealers". Finra.com. Retrieved March 1, 2013.
17. ^ Lemke and Lins, Regulation of Investment Advisers (Thomson West, 2013 ed.); Lemke, Lins and Smith, Regulation of Investment Companies (Matthew Bender, 2013 ed.).
18. ^ "How the SEC Protects Investors, Maintains Market Integrity, and Facilitates Capital Formation (Securities and Exchange Commission)". Sec.gov. Retrieved March 1, 2013.
19. ^ Klimczak, Karol Marek; Sison, Alejo José G.; Prats, Maria; Torres, Maximilian B. (May 6, 2021). "How to Deter Financial Misconduct if Crime Pays?". Journal of Business Ethics. 179. Springer Science and Business Media LLC: 205–222\. doi:10.1007/s10551-021-04817-0. ISSN 0167-4544.205-222&rft.date=2021-05-06&rft_id=info:doi/10.1007/s10551-021-04817-0&rft.issn=0167-4544&rft.aulast=Klimczak&rft.aufirst=Karol+Marek&rft.au=Sison,+Alejo+José+G.&rft.au=Prats,+Maria&rft.au=Torres,+Maximilian+B.&rft_id=https://doi.org/10.1007%2Fs10551-021-04817-0&rfr_id=info:sid/en.wikipedia.org:U.S.+Securities+and+Exchange+Commission" class="Z3988">
20. ^ "Economic and Risk Analysis". SEC.gov. Retrieved November 10, 2023.
21. ^ "SEC Regional Offices". U.S. Securities and Exchange Commission. Retrieved July 7, 2023.
22. ^ Schroeder, Peter (January 29, 2013). "SEC names new inspector general – The Hill's On The Money". The Hill. Retrieved March 1, 2013.
23. ^ "Jon Rymer Named Interim Inspector General". SEC.gov.
24. ^ Greene, Jenna (July 27, 2011). "The Conversation Stopper: SEC Inspector General H. David Kotz". Corporate Counsel. ALM Media Properties, LLC. Retrieved May 21, 2021.
25. ^ "Office of the SEC Whistleblower". Sec.gov. Retrieved December 5, 2013. This article incorporates text from this source, which is in the public domain.
26. ^ "Regulation 21F: Securities Whistleblower Incentives and Protection" (PDF). U.S. Securities and Exchange Commission. Retrieved May 21, 2021.
27. ^ "Annual Report on the Dodd-Frank Whistleblower Program Fiscal Year 2012" (PDF). U.S. Securities and Exchange Commission. November 2012. This article incorporates text from this source, which is in the public domain.
28. ^ "Fast Answers: Comment Letters". SEC.gov. Retrieved October 16, 2015.
29. ^ "Filing Review Process". SEC.gov. Retrieved October 16, 2015.
30. ^ a b c Gretchen Morgenson (May 28, 2008). "Deafened by the S.E.C.'s Silence, He Sued". The New York Times.
31. ^ Making the Grade: Access to Information Scorecard 2015 Archived August 11, 2019, at the Wayback Machine March 2015, 80 pages, Center for Effective Government, retrieved 21 March 2016
32. ^ Lauren Tara LaCapra (September 17, 2008). "Naked-Shorts Ban Gets Chilly Reception". The street. Archived from the original on September 20, 2008. Retrieved September 18, 2008.
33. ^ Ellis, David (September 17, 2008). "Regulator enacts new ruling banning 'naked' short selling on all public companies". CNN. Retrieved May 26, 2010.
34. ^ Jason Breslow (Director) (April 8, 2014). "Is SEC "Fearful" of Wall Street? Agency Insider Says Yes". Frontline (U.S. TV series). PBS. Retrieved December 14, 2014.
35. ^ Schmidt, Robert (April 8, 2014). "SEC Goldman Lawyer Says Agency Too Timid on Wall Street Misdeeds". Bloomberg. Retrieved December 14, 2014.
36. ^ Kidney, Jim (2014). "Retirement Remarks" (PDF). SEC Union, NTEU Chapter 293. Archived from the original (PDF) on September 12, 2014. Retrieved November 20, 2014.
37. ^ Chung, Joanna (December 17, 2008). "Financial Times: SEC chief admits to failures in Madoff case". Ft.com. Archived from the original on December 10, 2022. Retrieved March 1, 2013.
38. ^ Moyer, Liz (December 23, 2008). "Could SEC Have Stopped Madoff Scam In 1992?". Forbes. Archived from the original on February 1, 2009. Retrieved December 24, 2008.
39. ^ Weil, Jonathan. "Madoff exposes double standard for Ponzi schemes". Bloomberg News. Greater Fort Wayne Business Weekly. Retrieved December 26, 2008.[dead link‍]
40. ^ Serchuk, David (December 22, 2008). "Love, Madoff And The SEC". Forbes. Archived from the original on January 2, 2013. Retrieved December 24, 2008.
41. ^ Labaton, Stephen (December 19, 2008). "Unlikely Player Pulled Into Madoff Swirl". The New York Times.
42. ^ "Little faith in regulators and rating agencies, as LP demand for alternatives cools off, finds survey". Archived from the original on July 8, 2011. Retrieved March 17, 2009.
43. ^ Markopolos, H (2010). No One Would Listen: A True Financial Thriller. John Wiley & Sons. pp. 55–60. ISBN 978-0-470-55373-2.
44. ^ a b Blaylock D. (June 2010). SEC Settles with Aguirre Archived January 11, 2012, at the Wayback Machine. Government Accountability Project.
45. ^ Choice of Mary Jo White to Head SEC Puts Fox In Charge of Hen House. Rolling Stone.
46. ^ Committee on Finance, Committee on the Judiciary.The Firing of an SEC Attorney and the Investigation of Pequot Capital Management. U.S. Government Printing Office.
47. ^ "20160926 Letter to SEC on Yahoo Breach". Retrieved December 13, 2016.
48. ^ Volz, Dustin. "Yahoo hack may become test case for SEC data breach disclosure rules". Reuters. Retrieved December 13, 2016.
49. ^ "Sen. Warner Calls on SEC to Investigate Disclosure of Yahoo Breach". September 26, 2016. Retrieved December 13, 2016.
50. ^ Johnson, Fawn. (December 17, 2009) "Group Alleges Slack SEC Response to Internal Watchdog". NASDAQ.
51. ^ Brian, Danielle. (December 16, 2009) "POGO Letter to SEC Chairman Mary Schapiro regarding SEC's failure to act on hundreds of Inspector General recommendations" Archived August 4, 2010, at the Wayback Machine. The Project On Government Oversight Website.
52. ^ a b Is the SEC Covering Up Wall Street Crimes? Archived August 22, 2017, at the Wayback Machine, Matt Taibbi, 2011 August 17
53. ^ a b Schmidt, Robert (January 25, 2013). "SEC Said to Back Hire of U.S. Capitol Police Inspector General". Bloomberg. Retrieved February 10, 2013.
54. ^ a b c Schmidt, Robert; Joshua Gallu (October 26, 2012). "Former SEC Watchdog Kotz Violated Ethics Rules, Review Finds". Bloomberg. Retrieved February 10, 2013.
55. ^ a b Robert Schmidt and Joshua Gallu (October 6, 2012). "Former SEC Watchdog Kotz Violated Ethics Rules, Review Finds". Business Week. Archived from the original on May 2, 2013. Retrieved February 12, 2013.
56. ^ Sarah N. Lynch (November 15, 2012). "David Weber Lawsuit: Ex-SEC Investigator Accused Of Wanting To Carry A Gun At Work, Suing For $20 Million". The Huffington Post. Retrieved February 10, 2013.
57. ^ "David Kotz, Ex-SEC Inspector General, May Have Had Conflicts Of Interest". The Huffington Post. October 5, 2012. Retrieved February 10, 2013.
58. ^ Johnson, Carrie, "SEC Documents Destroyed, Employee Tells Congress", National Public Radio (transcript and audio), August 18, 2011. Retrieved August 18, 2011.
59. ^ Weinstein, Austin; Versprille, Allyson; Beyoud, Lydia (June 5, 2023). "SEC Sues Binance and CEO Zhao for Breaking US Securities Rules". Bloomberg News. Archived from the original on June 5, 2023. Retrieved August 5, 2023.
60. ^ Goldstein, Matthew; Flitter, Emily; Yaffe-Bellany, David (June 5, 2023). "S.E.C. Accuses Binance of Mishandling Funds and Lying to Regulators". The New York Times. Archived from the original on August 5, 2023. Retrieved August 5, 2023.
61. ^ "SEC Charges Coinbase for Operating as an Unregistered Securities Exchange, Broker, and Clearing Agency". SEC.gov. June 6, 2023. Retrieved July 7, 2023.
62. ^ Ponciano, Jonathan (June 6, 2023). "SEC Sues Coinbase—Alleges Crypto Trading Platform Operated As Unregistered Exchange Since 2019". Forbes. Archived from the original on April 5, 2024. Retrieved August 6, 2023.
63. ^ Godoy, Jody (June 7, 2023). "What makes a crypto asset a security in the U.S.?". Reuters. Archived from the original on June 8, 2023. Retrieved July 7, 2023.
64. ^ Saggu, Aman; Ante, Lennart; Kopiec, Kaja (February 1, 2025). "Uncertain Regulations, Definite Impacts: The Impact of the U.S. Securities and Exchange Commission's Regulatory Interventions on Crypto Assets". Finance Research Letters. 72: 106413. arXiv:2412.02452. doi:10.1016/j.frl.2024.106413. ISSN 1544-6123.
65. ^ Delouya, Samantha (December 30, 2023). "A new rule requiring companies to climate risk is coming in 2024. Here's what you need to know. | CNN Business". Retrieved November 17, 2024.
66. ^ Sun, Mengqi (June 1, 2020). "Tips to SEC Surge as Working From Home Emboldens Whistleblowers". The Wall Street Journal. ISSN 0099-9660. Retrieved January 19, 2022.
67. ^ a b "Whistleblower in largest-ever award by US government". BBC News. September 22, 2014. Retrieved January 19, 2022.
68. ^ "Office of the Whistleblower". SEC.gov. Retrieved January 19, 2022.
69. ^ Henning, Peter J. (September 6, 2016). "Whistle-Blowing Insiders: 'Game Changer' for the S.E.C.". The New York Times. ISSN 0362-4331. Retrieved January 19, 2022.
70. ^ Zuckerman, Jason; Stock, Matthew (November 6, 2020). "Dodd-Frank SEC Whistleblower Protection Post-Digital Realty". The National Law Review. Retrieved January 19, 2022.
71. ^ "SEC Hits $1 Billion Milestone". JD Supra. October 14, 2021. Retrieved January 19, 2022.
72. ^ "2021 Annual Whistleblower Program Report to Congress" (PDF). U.S. Securities and Exchange Commission. Archived (PDF) from the original on June 12, 2023.
73. ^ "Regulatory Structure". SIA Primer On Securities. SIFMA. Archived from the original on December 31, 2006.
74. ^ "Office of Financial Market Policy". U.S. Treasury. March 9, 2010. Archived from the original on December 3, 2010.
75. ^ Hirst, Scott (April 1, 2018). "Universal Proxies". The Harvard Law School Program on Corporate Governance Discussion Paper. 2016–11\. Archived from the original on April 27, 2023 - via Scholarly Commons at Boston University School of Law.
76. ^ Hirst, Scott (October 1, 2016). "Social Responsibility Resolutions". The Harvard Law School Program on Corporate Governance Discussion Paper. 2016–06\. Archived from the original on June 29, 2023 - via Scholarly Commons at Boston University School of Law.
77. ^ "Records of the Temporary National Economic Committee". National Archives. Retrieved March 1, 2013.
78. ^ "Spotlight on Asset Management Advisory Committee (AMAC)". SEC.gov. Retrieved March 25, 2021.
79. ^ "SEC Announces the Formation of Asset Management Advisory Committee". SEC.gov. Retrieved March 25, 2021. This article incorporates text from this source, which is in the public domain.
80. ^ "National Securities Markets Improvement Act". AccreditedInvestors.net.
81. ^ "SEC.gov | SEC Adopts Rules on Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure by Public Companies". www.sec.gov. Retrieved November 6, 2024.

## External links

[edit]

Wikimedia Commons has media related to United States Securities and Exchange Commission.

* Official website
* SEC in the Federal Register
* SEC on USAspending.gov
* Securities and Exchange Commission Historical Society
* Association of Securities and Exchange Commission Alumni (ASECA)

* v
* t
* e

Chairmen of the United States Securities and Exchange Commission

* Kennedy
* Landis
* Douglas
* Frank
* Eicher
* Purcell
* Caffrey
* Hanrahan
* McDonald
* D. Cook
* Demmler
* Armstrong
* Gadsby
* Cary
* Cohen
* Budge
* Casey
* B. Cook
* Garrett
* Hills
* Williams
* Shad
* Ruder
* Breeden
* Levitt
* Pitt
* Donaldson
* Cox
* Schapiro
* Walter
* White
* Clayton
* Gensler

* v
* t
* e

Franklin D. Roosevelt

* 32nd President of the United States (1933–1945)
* 44th Governor of New York (1929–1932)
* Assistant Secretary of the Navy (1913–1920)
* New York State Senator (1911–1913)

Presidency
(timeline)|

* Transition
* Inaugurations (1st
* 2nd
* 3rd
* 4th)
* First and second terms
* Third and fourth terms
* Foreign policy
* New Deal
* overview
* New Deal coalition
* First 100 days
* Second New Deal
* Federal Emergency Relief Administration
* Civilian Conservation Corps
* Agricultural Adjustment Act
* Emergency Banking Act
* Federal-Aid Highway Act of 1944
* Fish and Wildlife Coordination Act
* Tennessee Valley Authority
* National Labor Relations Act of 1935
* National Industrial Recovery Act of 1933
* Public Works Administration
* National Recovery Administration
* Works Progress Administration
* National Youth Administration
* Social Security Act
* Aid to Families with Dependent Children
* Communications Act of 1934
* Federal Communications Commission
* Securities and Exchange Commission
* Monetary gold ownership
* Gold Reserve Act
* Silver seizure
* Record on civil rights
* Defense industry non-discrimination
* Fair Employment Practice Committee
* Indian Reorganization Act
* Executive Orders 9066, 9102
* War Relocation Authority
* Japanese American internment
* German-American internment
* Italian-American internment
* Brownlow Committee
* Executive Office of the President
* G.I. Bill of Rights
* Cullen–Harrison Act
* Roerich Pact
* Four Freedoms
* Four Freedoms Monument
* Black Cabinet
* Jefferson's Birthday holiday
* Jefferson Memorial
* Judicial Court-Packing Bill
* Cannabis policy
* Federal Judicial appointments
* Supreme Court
* Harlan F. Stone Supreme Court nomination
* Wiley Rutledge Supreme Court nomination
* Cabinet
* "Brain Trust"
* March of Dimes
* Modern Oval Office
* Official car
* Criticism
* Franksgiving
* Executive Orders
* Presidential Proclamations

Presidential
foreign policy|

* Banana Wars
* U.S. occupation of Nicaragua, 1912–1933
* U.S. occupation of Haiti, 1915–1934
* Good Neighbor Policy (1933–1945)
* Montevideo Convention (1933)
* Second London Naval Treaty (1936)
* ABCD line (1940)
* Export Control Act
* Four Policemen
* Destroyers-for-bases deal
* Lend-Lease
* 1940 Selective Service Act
* Hull note
* Atlantic Charter (1941)
* Military history of the United States during World War II
* Home front during World War II
* Combined Munitions Assignments Board
* War Production Board
* Declaration by United Nations (1942)
* Dumbarton Oaks Conference
* World War II conferences
* Quebec Agreement
* Europe first
* Morgenthau Plan support

Presidential
speeches|

* 1932 Acceptance speech
* Commonwealth Club Address
* Madison Square Garden speech
* "Four Freedoms"
* Day of Infamy speech
* Arsenal of Democracy
* "...is fear itself"
* Fireside chats
* "Look to Norway"
* Quarantine Speech
* "The More Abundant Life"
* State of the Union Address (1934
* 1938
* 1939
* 1940
* 1941 (Four Freedoms)
* 1944 (Second Bill of Rights)
* 1945)

Other events|

* Early life, education, career
* Warm Springs Institute
* Governorship of New York
* Business Plot
* Assassination attempt

Elections|

* 1928 New York state election
* 1930
* Democratic National Convention, 1920
* 1924
* 1932
* 1936
* 1940
* 1944
* 1920 United States presidential election
* 1932
* theme song
* 1936
* 1940
* 1944

Life and homes|

* Early life and education
* Groton School
* Springwood birthplace, home, and gravesite
* Adams House
* FDR Suite
* Campobello home
* Paralytic illness
* Top Cottage
* Little White House, Warm Springs, Georgia

Legacy|

* Bibliography
* Statues
* Presidential Library and Museum
* Roosevelt Institute
* Roosevelt Institute Campus Network
* Franklin Delano Roosevelt Foundation
* Franklin Delano Roosevelt Memorial
* Roosevelt Island
* Four Freedoms Park
* White House Roosevelt Room
* Roosevelt Institute for American Studies
* USS Franklin D. Roosevelt
* USS Roosevelt
* Four Freedoms Award
* Four Freedoms paintings
* Unfinished portrait
* U.S. Postage stamps
* Roosevelt dime
* I'd Rather Be Right 1937 musical
* Films
* The Roosevelt Story 1947
* Sunrise at Campobello 1960
* Eleanor and Franklin 1976, The White House Years 1977
* Backstairs at the White House 1979 miniseries
* World War II: When Lions Roared 1997 miniseries
* Warm Springs 2005
* Hyde Park on Hudson 2012
* The Roosevelts 2014 documentary
* The First Lady 2022 miniseries
* FDR 2023 miniseries
* The Six Triple Eight 2024 film
* Other namesakes

Family
(Roosevelt
• Delano)|

* Eleanor Roosevelt (wife)
* Anna Roosevelt Halsted (daughter)
* James Roosevelt II (son)
* Elliott Roosevelt (son)
* Franklin Delano Roosevelt Jr. (son)
* John Aspinwall Roosevelt II (son)
* James Roosevelt I (father)
* Sara Ann Delano (mother)
* James Roosevelt Roosevelt (half-brother)
* Isaac Roosevelt (grandfather)
* Warren Delano Jr. (grandfather)
* Fala (family dog)
* Major (family dog)

* ← Herbert Hoover
* Harry S. Truman →

* Category

* v
* t
* e

Economy of the United States

Companies of the United States

History|

* History
* American School
* American System
* Industrial Revolution
* Gilded Age

Industries|

* Industry
* History
* Aquaculture
* Automotive
* Aviation
* Beer
* Biotechnology
* Cement
* Coffee
* Cotton
* Electric power
* Electronics
* Film
* Fishing
* Gambling
* Hedge fund
* Internet
* Media
* Mining
* Gold mining
* Pharmaceuticals and Pharmacy
* Publishing
* Radio
* Railway
* Real estate
* Renewable energy
* Steel
* Telecommunications
* Television
* Digital
* Tourism
* Textiles
* Video gaming
* Wine

Special Economic Zones|

* Empowerment Zone
* Opportunity Zone
* Targeted Employment Area
* Foreign Trade Zones
* Metropolitan Statistical Area

Energy|

* Energy policy
* Coal
* Oil
* Oil shale
* Oil refineries
* Nuclear
* Renewable
* Wind
* Solar
* Geothermal

Trade and infrastructure|

* Transportation
* Communications
* Postal history
* Tourism
* Shipping
* Illegal drug trade
* Committee on Foreign Investment in the United States
* Ports
* Water supply and sanitation
* Exports
* Trading partners

Law and regulations|

* Tax system
* Labor law
* Child labor laws
* Right-to-work law
* Minimum wage
* Food safety

Finance and banking|

* Financial services
* Dollar
* Bureau of Engraving and Printing
* Banking
* History
* Central bank
* Other banks
* Wall Street
* New York Stock Exchange (NYSE Composite)
* NASDAQ (NASDAQ Composite)
* Chicago Board of Trade
* New York Board of Trade
* Intercontinental Exchange
* Accounting

Government institutions|

* Department of the Treasury
* Department of Commerce
* Department of Labor
* Office of the United States Trade Representative
* Small Business Administration
* Internal Revenue Service
* National Labor Relations Board
* United States Trade and Development Agency
* Customs and Border Protection
* Office of the Comptroller of the Currency
* Consumer Financial Protection Bureau
* Securities and Exchange Commission
* Federal Deposit Insurance Corporation
* National Credit Union Administration
* United States International Trade Commission
* Statistics

Development|

* International rankings
* States by GDP
* Social welfare
* Poverty
* Labor force
* Unemployment
* Causes
* State unemployment rate
* Corruption
* Standard of living
* Urbanization
* Emigration

International development|

* U.S. International Development Finance Corporation
* Blue Dot Network
* Build Back Better World
* Export–Import Bank of the United States

Economic initiatives|

* AmeriCorps VISTA
* Job Corps
* Pathways out of Poverty

Events|

* 2006–2012 housing bubble
* 2007–2008 financial crisis
* 2008–2010 automotive industry crisis
* 2008 economic stimulus plan
* China–United States trade war

Related topics|

* Agriculture
* Bankruptcy
* Companies
* Largest
* Top 500
* SOEs
* Demographics
* National Standards
* FCC mark
* Made in USA
* List of Americans by net worth
* American economists
* Science and technology

See also
Category
Outline of the United States
Economy of North America

Authority control databases

International|

* ISNI
* VIAF

National|

* Germany
* United States
* France
* BnF data
* Australia
* Czech Republic
* Spain
* Portugal
* Israel
* Catalonia

Academics|

* CiNii

Other|

* IdRef

*[v]: View this template
*[t]: Discuss this template
*[e]: Edit this template
*[No.]: Number