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2-08-06 - The Economy -- SEC and NRA

2-08-06 - The Economy -- SEC and NRA - The Economy 1...

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The Economy 2/8/06 1. Securities Exchange Commission a. Result of FDR’s claim that the system is out of whack – his proactive plan b. Overview i. Organization to manage the stock market ii. 5 people, no more than three of one political party iii. Led by Joseph Kennedy, powerful wall street trader c. Purpose i. Guide and supervise the stock market anyone who wants to trade on the stock exchange had to register on with the commission. Could expel or punish those who violated these rules. 1. 25 stock exchanges registered with the SEC, 4 are shut down, 1 more is encouraged to close down consolidation, transformation of private clubs to public organizations, limitations of illegal trading (all done in the interest of investors) ii. Draws on Brandeis’s idea that the economy will work better if the public sees and understands what happens d. Results i. Very successful ii. Stock market has been reasonably stable since it began 2. National Recovery Administration (NRA) a. Overview
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2-08-06 - The Economy -- SEC and NRA - The Economy 1...

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