Securities and Exchange Commission Historical Society
EXHIBIT
A.A. Sommer, Jr. and Harold Williams, November 1977

Retrospective

HAROLD M. WILLIAMS

Chairman, U.S. Securities and Exchange Commission April 18, 1977 - March 1, 1981

"As each of us - securities professionals, corporate executives, investors, government regulators, and private citizens - struggles with the challenges facing the securities industry, it is key that we bear in mind the role which those markets play as an element in our overall social fabric. In our economy, the securities markets serve as the vehicle through which capital is channeled from private hands into what are, ultimately, national priorities - the creation of jobs, the provision of equipment and facilities necessary to produce the goods and services which define our standard of living, and the assurance of economic security for our citizens. In that sense, it is not an overstatement to say that the securities markets are at the heart of our society."

- Harold M. Williams (Address to the Securities Industry Association, December 1, 1977)

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