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HEARING

BEFORE

THE COMMITTEE ON INTERSTATE AND FOREIGN COMMERCE

HOUSE OF REPRESENTATIVES

SEVENTY-THIRD CONGRESS

SECOND SESSION

ON

H.R. 7852
TO PROVIDE FOR THE REGISTRATION OF NATIONAL
SECURITIES EXCHANGES OPERATING IN INTERSTATE
AND FOREIGN COMMERCE AND THROUGH THE MAILS
AND TO PREVENT INEQUITABLE AND UNFAIR PRAC-

TICES ON SUCH EXCHANGES, AND

FOR OTHER PURPOSES

H.R. 8720
TO PROVIDE FOR THE REGULATION OF NATIONAL
SECURITIES EXCHANGES AND OF OVER-COUNTER
MARKETS] OPERATING IN INTERSTATE AND FOREIGN
COMMERCE OR THROUGH THE MAILS, AND TO PRE-
VENT INEQUITABLE AND UNFAIR PRACTICES

THEREON, AND FOR OTHER PURPOSES

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452656

COMMITTEE ON INTERSTATE AND FOREIGN COMMERCE

SAM RAYBURN, Texas, Chairman GEORGE HUDDLESTON, Alabama

JOHN G. COOPER, Ohio CLARENCE F. LEA, California

CARL E. MAPES, Michigan ROBERT CROSSER, Ohio

CHARLES A. WOLVERTON, New Jersey PARKER CORNING, New York

JAMES WOLFENDEN, Pennsylvania JACOB L. MILLIGAN, Missouri

PEHR G. HOLMES, Massachusetts ALFRED L. BULWINKLE, North Carolina SCHUYLER MERRITT, Connecticut VIRGIL CHAPMAN, Kentucky

B. CARROLL REECE, Tennessee PAUL H. MALONEY, Louisiana

JAMES W.WADSWORTH, JR., New York WILLIAM P. COLE, JR., Maryland SAMUEL B. PETTENGILL, Indiana EDWARD A. KELLY, Mlinois E. W. MARLAND, Oklahoma EDWARD A. KENNEY, New Jersey GEORGE G. SADOWSKI, Michigan JOSEPH P. MONAGHAN, Montana FRANCIS T. MALONEY, Connecticut

ELTON J. LAYTON, Clerk

u

CONTENTS

fatements of -

Hon. Eugene R. Black
Robert K. Cassatt
Evans Clark
Charles A. Collins.
Thomas G. Corcoran.
Hon. John Dickinson.

Hon. John F. Fitzgerald.
VR. V. Fletcher
Claude Follette.
Hon. Franklin W. Fort.
Vfhomas B. Gay-
George B. Gibbons.
E. A. Goldenweiser.
W. D. Gradison.--.
E. Burd Grubb-
John M. Hancock.
Henry I. Harriman.
Robert E. Healy -
Arthur F. Hetherington.-
Frank R. Hope--
Frederic H. Johnson.,
G. H. Kinnicutt..
Hon. James M. Landis.
William A. Lockwood.
John J. McKeon..
John S. Newbold.
Michael J. O'Brien.
W. G. Paul.
E. A. Pierce..
Fred Y. Presley-
James H. Rand.
Winfield Riefler.
Hon. A. J. Sabath.
F.C. Shaughnessy -
Tom K. Smith.--
Raymond Sprague..
Woodlief Thomas.
Eugene E. Thompson
Richard Whitney -
Lothrop Withington.

Dean Witter.
immunications from-
George W. H. Allen..
John E. Benton..
L. K. Comstock.
Connecticut Investment Bankers' Association..
Controllers Institute of America.
J. Harry Covington.
R. L. Day & Co.
Paul J. Engel-
Thomas B. Gay-
Harry J. Gerrity-
Walter S. Gifford.
Waldo 8. Kendall

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359, 449
15, 886

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431

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NATIONAL SECURITIES EXCHANGES-H.R. 7852

.WEDNESDAY, FEBRUARY 14, 1934

HOUSE OF REPRESENTATIVES,
COMMITTEE ON INTERSTATE AND FOREIGN COMMERCE,

Washington, D.O. The committee met, pursuant to call, at 10 a.m. in the committee "yom, New House Office Building, Hon. Sam Rayburn (chairman) ..residing

The CHAIRMAN. The committee will come to order. The committee is called together to consider H.R. 7852, for at least degree of control of stock exchanges. For quite a while there has been a sentiment throughout the counT, among very well informed people, that some degree of regulation "ould be enacted. The President of the United States has sent a ssage to Congress calling attention to this need, and a bill has been roduced to serve as a basis for consideration of the committee. We have Commissioner Landis, of the Federal Trade Commission, te who will be the first witness. Mr. Landis has been professor of legislation at Harvard Law School, published numerous articles dealing with constitutional law and zal aspects of financial transactions; has served as special adviser to the Federal Trade Commission in setting up its administration of the yurities Act of 1933; and is now commissioner in charge of the wurities Division. Commissioner Landis' statement will deal, I think, with the powers Congress to do this thing and then some general principles with *rence to the subject. After that we will have witnesses who are nents of the bill, who will come along and discuss the bill in ud, taking it up section by section, and at that time the committee isk such questions as they desire. Mr. Landis does not object to utions, but I thought it might be a better idea to let him proceed a - without interruption and then submit himself to examination,

(LR. 7852, 730 Cong., 21 sess. novide for the registration of national securities exchanges operating in interstate and foreign ** 171 through the mails and to prevent inequitable and unfair practices on such exchanges,

her purposes
1.3cted by the Senate and House of Representatives of the United States of
Congress assembled,

SHORT TITLE
This Act may be cited as the “National Securities Exchange Act

1.XCHANGES USING THE CHANNELS OF INTERSTATE COMMERCE AND
MAILS NECESSARY IN THE PUBLIC INTEREST
tions in securities as commonly conducted upon serurities

& of the mails or instrumentalities of transportation or com-
state commerce are affected with a national public interest.

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