Securities and Exchange Commission Historical Society


June 21, 1990 Founding of the Budapest Stock Exchange in the Parliament of the Republic of Hungary: Richard Ketchum, J. Carter Beese, William Hyman, Richard Breeden, Linda Quinn, Michael Mann, James Doty and Gary Fendler

The Timeline - the "museum within the museum" - expands to over 300 financial regulatory developments in the context of U.S. and world events from 1930 to the present. The expansion is in conjunction with Regulating the Regulators: The Executive Branch and the SEC, 1981-2008 Gallery and the upcoming Gallery on investment company regulation.

New financial regulatory developments include:

  • 1936 Revenue Act
  • 1938 Chandler Act
  • 1940 National Committee of Investment Companies
  • 1968 Rule 22c-1
  • 1969 Wheat Report
  • 1970 Investment Company Amendments Act
  • 1971 Money Market Funds
  • 1974 No-Load Funds
  • 1976 Index Funds
  • 1978 401(k)
  • 1980 12b-1 Fees
  • 1981 Regulatory Relief Task Force
  • 1982 Gartenberg v. Merrill Lynch
  • 1989 Keating Fraud
  • 1990 SEC Advises Eastern European Markets
  • 1993 Exchange Traded Funds
  • 1998 Securities Litigation Uniform Standards Act
  • 2003 Late Trading and Market Timing
  • 2010 Money Market Fund Rules
  • 2015 ETF Flash Crash
  • 2016 Regulatory Scrutiny of Dark Pools
  • 2016 IEX Exchange
  • 2016 Fiduciary Rule
  • 2016 Salman v. United States
  • 2016 SEC In-House Courts Ruled Unconstitutional
Oral Histories


Early 1960s SEC Assistants

In recognition of International Women's Day in March, listen to the remembrances of women who have shaped and continue to impact the regulation of the capital markets, including:

  • Lynnette Kelly, Executive Director, Municipal Securities Rulemaking Board: "When I went to law school, I knew what I didn't want. I didn't want a career that was adversarial in nature. I didn't want a career working on issues that spanned years and years and years, like some litigation matters. I wanted to have a career where something good happened. I wanted tangible evidence of what I was working on. I wanted a career that, by and large, was a cooperative and goal-oriented arrangement, where people get together to figure out the best way to make something happen, and three, four years down the road, you drive past and see the school or the hospital or the roads that you helped finance."
  • Barbara Sweeney, former Vice President, CRD-Corporate Disclosure, NASD; and former Corporate Secretary, NASD/FINRA: "I had a very healthy respect for the people in the industry because their job was to sell the securities. These people, if they did not get registered or if they couldn't be working on Monday, could lose a lot of money. I always felt that it was my responsibility to work with them in the parameters of the rules. Never bend a rule, but always try to help them."
  • Laura Unger, former SEC Commissioner: "Most people said I was a gatekeeper [as acting Chairman], but I saw it as more than a gate-keeper, more than a steward. It was not a time for me to develop a huge rule-making agenda or policy-setting agenda. Certainly all of the agency had been told not to do that by President Bush in the first instance of his new administration. But I saw it as a chance to have a somewhat limited agenda to make good on what the Commission needed to be doing. People couldn't think, because there's an acting Chairman and because the President said no new rule-making, that there was no one at home."

Permission for Use

The virtual museum and archive is copyrighted by the SEC Historical Society. The Society reserves the right to restrict access to or use of the museum by any user at any time.

Users are prohibited from sharing or downloading any material for publication or commercial purposes without written permission from the Executive Director. Requests for permission must be submitted by email and specify the material requested and for what purpose.

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