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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.C. The committee met, pursuant to call, at 10 a.m. in the committee room, New House Office Building, Hon. Sam Rayburn (chairman) presiding.

The CHAIRMAN. The committee will come to order.

The committee is called together to consider H.R. 7852, for at least a degree of control of stock exchanges.

For quite a while there has been a sentiment throughout the country, among very well informed people, that some degree of regulation should be enacted. The President of the United States has sent a message to Congress calling attention to this need, and a bill has been introduced to serve as a basis for consideration of the committee.

We have Commissioner Landis, of the Federal Trade Commission, here who will be the first witness.

Mr. Landis has been professor of legislation at Harvard Law School, bas published numerous articles dealing with constitutional law and legal aspects of financial transactions; has served as special adviser to the Federal Trade Commission in setting up its administration of the Securities Act of 1933; and is now commissioner in charge of the Securities Division.

Commissioner Landis' statement will deal, I think, with the powers of Congress to do this thing and then some general principles with reference to the subject. After that we will have witnesses who are proponents of the bill, who will come along and discuss the bill in detail, taking it up section by section, and at that time the committee can ask such questions as they desire. Mr. Landis does not object to questions, but I thought it might be a better idea to let him proceed a while without interruption and then submit himself to examination.

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(H.R. 7852, 73d Cong., 2d sess.) A BILL 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 practices on such exchanges, and for other purposes Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

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SHORT TITLE

SECTION 1. This Act may be cited as the “National Securities Exchange Act of 1934.”

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REGULATION OF EXCHANGES USING THE CHANNELS OF INTERSTATE COMMERCE AND

MAILS NECESSARY IN THE PUBLIC INTEREST

SEC. 2. Transactions in securities as commonly conducted upon securities exchanges by means of the mails or instrumentalities of transportation or communication in interstate commerce are affected with a national public interest.

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