Dealscape's Jeff Kanige reminds us that today is an important anniversary of landmark legislation.
June 6, 1934: President Franklin Delano Roosevelt signs the Securities Exchange Act of 1934, ending forever the scourge of nefarious scheming among Wall Street insiders. Along with its companion law, the Securities Act of 1933, the ’34 Act abolished the sorts of duplicitous dealing that helped cause the stock market crash of 1929. And the measure created the Securities and Exchange Commission—a justice league of superheroes who use their superhuman powers to protect individual investors from the machinations of fat cats, unscrupulous power brokers, robber barons and other predatory villains. Never again would small-time investors lose their life savings because evil executives lied about the financial condition of their companies. With the advent of regulation, bankers, brokers and traders put aside their lust for profits and personal gain and instead focused their energies on the fight for truth, justice and the American Way.
This date in deal history: FDR signs Securities act [Dealscape]