Dec 1, 2005 · And while some pushed for the appointment of progressive reformers to the Commission, FDR confounded partisans by appointing Joseph P. Kennedy one of the SEC's first five Commissioners and insisting that the group designate Kennedy as Chairman.

In 431 days at the Securities and Exchange Commission, he had reformed America's capital markets and become much more than a businessman. He had also made a name for his family and launched his son, John Fitzgerald Kennedy, toward the pinnacle of American political power.

Sep 30, 2021 · Roosevelt advisor Raymond Moley was already backing Joseph P. Kennedy, believing that top contenders Landis and Pecora were too ideologically inclined. Kennedy, he realized, was a pragmatist who could conciliate different points of view and, perhaps more importantly, knew what he would be up against.

Granting that, Kennedy's vision for the SEC centered around a simple objective--he would have to prove to businessmen, traders, exchange officials, and the public that the markets were better off with the SEC than without it.

Joseph Kennedy took an idea--that the best way to create reform was to demand disclosure--and made it work. He convinced business and finance that having a referee in the capital markets was a good idea.

Curb Traders and Con Men Kennedy's SEC was circumspect about enforcement, perhaps to allow time for honest traders to adjust to the new regime. No proceedings were brought against the New York Stock Exchange during his entire tenure.

SECURlTIES AND EXCHANGE COMMISSION Committee repr AUGUST 3, 1934. JOSEPH P. KENNEDY, Chai,nwn, RoBERT E. HEALY, JAMES M. LANDIS, GEORGE C. MATHEWS, FERDINAND PECORA. SECURITIES AND EXCHANGE COMMISSION, WASHINGTON, D. C. …

But few guidelines were set and Kennedy moved slowly. He made three of the thorniest issues--the separation of broker-dealer functions, reform of the role of specialists, and regulation of over-the-counter markets--the subject of formal study.

The Legal Division conducted hearings, prepared orders, transmitted cases to the Justice Department, and provided expert support to the other two divisions. Kennedy named John J. Burns to head this division and act as SEC general counsel.

Richard Whitney even helped Kennedy arrange consultations with leaders of the nation's largest corporations. The results were two of the SEC's most important tools, Form 10 for permanent registration of existing securities, and Schedule A-2 for registration of new issues.