In 1967, the SEC appointed Commissioner Francis Wheat to head a group that studied the extent to which disclosure could improve the Commission’s rule-making power.
The group’s report, “Disclosure to Investors – A Reappraisal of Federal Administrative Practices Under the 1933 and 1934 Acts,” known as the Wheat Report, provided comprehensive and clear analysis of a number of current regulatory problems.
A milestone document in SEC history, the report laid the groundwork for the development of an integrated disclosure system.