The SEC Celebrated Its 90th In Style

The SEC commemorated the 90th anniversary of the creation of the Securities Exchange Act of 1934 and the SEC itself. This event was the largest in-person celebration the SEC has hosted since the pandemic. The celebration included remarks and participation from SEC Chair Gary Gensler, Commissioners, prominent former Chairs, and well-known panel members whose knowledge intersects on the SEC. The two panels included discussions about the SEC’s history and the speakers’ perspectives on the SECs’ evolution, along with a few entertaining anecdotes.   

Chair Gensler moderated the Q&A sessions during the panels. The first panel, referred to as “A Lookback from the Chair’s Seat,” featured previous Chairmen: Richard C. Breeden (1989 – 1993), Mary Schapiro (2009 – 2012), and Mary Jo White (2013 – 2017). Chair Gensler kicked off the panel by asking the panelists about the different eras of the SEC. The agency has significantly impacted the economy following the market crash of 1929 and the Great Depression. The SEC protects investors, ensures fair, efficient, orderly markets, and facilitates capital formation. There is constant transparency and investor protection by regulating the securities laws and the securities industry. There are many memorable eras from the moment the SEC was created. Mary Schapiro shared some advice, “Make sure you have people around you who push back on conventional wisdom and don’t let you get too comfortable that you know all the answers.”

The second panel, “The Legacy of the SEC” spotlighted historian Michael Beschloss; legal scholar, author, and expert on the SEC, Joel Seligman; and former Maryland Lt. Gov. Kathleen Kennedy Townsend. The SEC’s history was discussed in detail, along with the importance of certain figures from SEC history, like Joseph P. Kennedy. Seligman stated, “What made the SEC the success it was in part was the first three extraordinary Chairs... there would be no SEC without Kennedy.” As Townsend explained, her grandfather was passionate about making the agency as effective as possible, as he felt it would be a major part of his legacy.  

The original copy of the Securities Exchange Act of 1934 was displayed during the event, which attendees could photograph. 

Access the 90th anniversary recording to learn more about the memorable eras of the SEC, Commissioners’ and panel members’ favorite events, international relationships, technology’s impact on the agency, and what the SEC means to the speakers.

Test your knowledge of SEC history.