Читать книгу Financial Accounting For Dummies - Maire Loughran - Страница 83

In response to the stock market crash of 1929 and the ensuing Great Depression, the Securities Exchange Act of 1934 created the SEC. The SEC’s mission is to make sure publicly traded companies tell the truth about their businesses and treat investors in a fair fashion by putting the needs of the investor before the needs of the company.

The SEC is run by five commissioners who are appointed to five-year terms by the president of the United States. Their terms are staggered, and no more than three commissioners can be from the same political party at the same time. These commissioners ride herd over the SEC’s power to license and regulate stock exchanges, the companies whose securities are traded on them, and the brokers and dealers who conduct the trading.