Law Quadrangle (formerly Law Quad Notes)


It has now been 70 years since congress created the SEC in the Securities Exchange Act of 1934. It has largely moved beyond the tasks that dominated much of its early agenda- the taming of the New York Stock Exchange, the reform of corporate bankruptcies and public utilities-and ensconced itself firmly as the arbiter of corporate disclosure and the primary enforcer of anti-fraud rules relating to the purchase and sales of securities.

The following essay is based on a talk delivered at Notre Dame Law School last September at a conference marking the 70th anniversary of the establishment of the securities and Exchange Commission. The complete version of Professor Pritchard's article appears at 80 Notre Dame Law Review 1073 (2005) in the Notre Dame Law Review's "The SEC at 70" sympoosium issue. Reprinted with permission © Notre Dame Law Review, University of Notre Dame. Law Quadrangle Notes is responsible for any errors that may occur in reprinting or editing this article.