July 5, 1977 President Carter meeting with Roberta Karmel

The Timeline - the "museum within the museum" - expands to 2014 and adds new regulatory developments in the context of U.S. and world events from 1930 to the present. The expansion is in conjunction with the opening of The Center for Audit Quality Gallery on Corporate Governance last December, and the May opening of The Open Door: Roles of Women in Securities Regulation Gallery.

The new regulatory developments include:

  • 1932 Berle and Means on Corporate Governance
  • 1937 Federal Incorporation Legislation Fails
  • 1942 Proxy Access Initiative
  • 1954 Exchanges Court Shareholders
  • 1970 Campaign GM
  • 1974 Corporate Governance Critiques
  • 1977 Corporate Governance Reform
  • 1977 Roberta Karmel Appointed SEC Commissioner
  • 1979 Frances Dyleski Appointed to NASD Board
  • 1983 Tender Offer Advisory Committee
  • 1985 Council of Institutional Investors
  • 1986 One Share, One Vote
  • 1996 Mary Alice Brophy Appointed NASD Board Chair
  • 1998 Cracker Barrel Decision
  • 2005 NASDAQ OMX Goes Public
  • 2006 Mary Schapiro Appointed NASD Chair and CEO
  • 2014 Bitcoin Regulation
  • 2014 Supreme Court Rules for Stanford Investors
  • 2014 New Rules for Money Funds
  • 2014 National Stock Exchange Sale


© Corbis

“Public policy is not formulated in a vacuum. It is irresponsible for the agencies charged with the regulation of these markets to pretend that Congress has no role in assessing current regulatory schemes governing municipal and government securities markets. The public deserves better. Ongoing legal investigations do not render the Commission powerless to make policy-related recommendations.”

- January 23, 1985 Letter to SEC Chairman John Shad from U.S. Representative Timothy Wirth

As the introduction of The Mechanics of Legislation, Congress, the SEC and Financial Regulation Gallery states, "Over the years, financial legislation has become increasingly more complicated because our system has grown more complex. From the public's view, the passage of legislation often appears to have come out of the blue, rapid and responsive to a public outcry for reform. In reality, much of the hard work of drafting bills, conducting hearings, building public consensus and organizing needed votes remains hidden from the public."

The museum adds papers on legislative initiatives during the 1970s and 1980s on such issues as tender offers, takeover legislation, proxy voting and municipal securities regulation.

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