In this 2001 oral history, Milton Cohen discusses his two tenures at the SEC — first from 1935 to 1947, when he directed the Public Utilities Division and oversaw the dismantling of major utility holding company systems under the Public Utility Holding Company Act of 1935, and later in the early 1960s, when he directed the Special Study of Securities Markets. He discusses his work on that study and the emerging issues identified in that report.