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Securities and Exchange Commission The SEC redirects here. For other uses, see SEC (disambiguation)
Securities and Exchange Commission, commonly referred to as the SEC, is the United States governing body which has primary responsibility for overseeing the regulation of the securities industry. It enforces, among other acts, the Securities Act of 1933, the Securities Exchange Act of 1934, the Trust Indenture Act of 1939, the Investment Company Act of 1940 and the Investment Advisors Act. It removed regulatory authority from the Federal Trade Commission.
The SEC has five Commissioners who are appointed by the
President of the United States with the advice and consent of the Senate. Their terms last five years and are staggered so that one Commissioner's term ends on June 5 of each year. To ensure that the SEC remains non-partisan, no more than three Commissioners may belong to the same political party. The President also designates one of the Commissioners as Chairman, the SEC's top executive.
Franklin Delano Roosevelt appointed Joseph P. Kennedy, Sr, father of future President John F. Kennedy, to serve as the first Chairman of the SEC. For a list of other appointees, see: Securities and Exchange Commission appointees.
See also: 1964 - Securities Act Amendments PL 88-467
1968 - Securities Disclosure Act PL 90-439
1975 - Securities and Exchange Act PL 94-29
1980 - Depository Institutions and Deregulation Money Control Act PL 96-221
1982 - Garn-St. Germain Depository Institutions Act PL 97-320
1984 - Insider Trading Sanctions Act PL 98-376
1988 - Insider Trading and Securities Fraud Enforcement Act PL 100-704
1989 - Financial Institutions Reform, Recovery, and Enforcement PL 101-73
1999 - Gramm-Leach-Bliley Act PL 106-102
2002 - Sarbanes-Oxley Act
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