U.S. Securities and Exchange Commission
|U.S. Securities and Exchange Commission|
|Seal of the U.S. Securities and Exchange Commission|
|US Securities and Exchange Commission headquarters in Washington, D.C.|
|Formed||June 6, 1934|
|Jurisdiction||United States federal government|
|Agency executive||Jay Clayton, Chairman|
The U.S. Securities and Exchange Commission (SEC) is an independent agency of the United States federal government.
Purpose[change | change source]
The SEC holds primary responsibility for enforcing the federal securities laws, proposing securities rules, and regulating the securities industry, the nation's stock and options exchanges, and other activities and organizations, including the electronic securities markets in the United States.
In addition to the Securities Exchange Act of 1934, which created it, the 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, and other statutes. The SEC was 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).
Chairs[change | change source]
Joseph P. Kennedy, Sr. was the first Chair of the SEC. Later SEC commissioners and chairmen include William O. Douglas, Jerome Frank (one of the leaders of the legal realism movement), and William J. Casey (who later headed the Central Intelligence Agency under President Ronald Reagan).