Washington D.C.
Thank you. It is good to be back with SEC Speaks.
I’d like to thank the Practising Law Institute for working with our agency on this program, and my colleagues Gurbir Grewal and William Birdthistle for co-chairing this event. As is customary, I’d like to note my views are my own, and I’m not speaking on behalf of the Commission or SEC staff.
Joseph Kennedy, the first Chairman of the SEC, had a saying: “No honest business need fear the SEC.”[1]
In the depths of the Great Depression, Congress and President Franklin Delano Roosevelt (known for a slightly more famous quotation about “fear”) enacted the first federal securities laws.
The Securities Act of 1933 was about companies raising money from the public. Investors could decide which risks to take; companies that issued securities to the public were required to provide full, fair, and truthful disclosures to the public. FDR called this law the “Truth in Securities Act.”
Congress knew, however, that their job wasn’t...
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https://www.sec.gov/news/speech/gensler-sec-speaks-090822
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