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SECURITIES EXCHANGE ACT AMENDMENTS OF 1973

3-1

HEARINGS

BEFORE THE

SUBCOMMITTEE ON COMMERCE AND FINANCE

OF THE

COMMITTEE ON

INTERSTATE AND FOREIGN COMMERCE

HOUSE OF REPRESENTATIVES

NINETY-THIRD CONGRESS

FIRST SESSION

ON

H.R. 5050 and H.R. 340

BILLS TO AMEND THE SECURITIES EXCHANGE ACT OF

1934; TO PROVIDE AUTHORIZATIONS FOR APPROPRIA.

TIONS FOR THE SECURITIES AND EXCHANGE COMMIS-

SION FOR FISCAL YEARS 1974, 1975, AND 1976; AND FOR

OTHER PURPOSES

JUNE 5, 6, 7, 8, 11, 12, 13, 14, 15, 27, 28, AND 29; JULY 19, 20, 27, AND 31 ;

AUGUST 1, 2, AND 3; AND SEPTEMBER 11, 12, 13, AND 14, 1973

SECURITIES EXCHANGE ACT AMENDMENTS OF 1973

HEARINGS

BEFORE TILE

SUBCOMMITTEE ON COMMERCE AND FINANCE

OF THE

COMMITTEE ON

INTERSTATE AND FOREIGN COMMERCE

HOUSE OF REPRESENTATIVES

NINETY-THIRD CONGRESS

FIRST SESSION

ON

H.R. 5050 and H.R. 340

BILLS TO AMEND THE SECURITIES EXCHANGE ACT OF

1934; TO PROVIDE AUTHORIZATIONS FOR APPROPRIA-

TIONS FOR THE SECURITIES AND EXCHANGE COMMIS-

SION FOR FISCAL YEARS 1974, 1975, AND 1976; AND FOR

OTHER PURPOSES

JUNE 5, 6, 7, 8, 11, 12, 13, 14, 15, 27, 28, AND 29; JULY 19, 20, 27, AND 31 ;

AUGUST 1, 2, AND 3; AND SEPTEMBER 11, 12, 13, AND 14, 1973

COMMITTEE ON INTERSTATE AND FOREIGN COMMERCE

HARLEY 0. STAGGERS, West Virginia, Chairman
TORBERT H. MACDONALD, Massachusetts SAMUEL L. DEVINE, Ohio
JOHN JARMAN, Oklahoma

ANCHER NELSEN, Minnesota
JOHN E. MOSS, California

JAMES T. BROYHILL, North Carolina
JOHN D. DINGELL, Michigan

JAMES HARVEY, Michigan
PAUL G. ROGERS, Florida

TIM LEE CARTER, Kentucky
LIONEL VAN DEERLIN, California

CLARENCE J. BROWN, Ohio
J. J. PICKLE, Texas

DAN KUYKENDALL, Tennessee
FRED B. ROONEY, Pennsylvania

JOE SKUBITZ, Kansas
JOHN M. MURPHY, New York

JAMES F. HASTINGS, New York
DAVID E. SATTERFIELD III, Virginia JAMES M. COLLINS, Texas
BROCK ADAMS, Washington

LOUIS FREY, JR., Florida
W. S. (BILL) STUCKEY, JR., Georgia JOHN WARE, Pennsylvania
PETER N. KYROS, Maine

JOHN Y. MCCOLLISTER, Nebraska
BOB ECKHARDT, Texas

DICK SHOUP, Montana
RICHARDSON PREYER, North Carolina BARRY M. GOLDWATER, JR., California
BERTRAM L. PODELL, New York

NORMAN F. LENT, New York
HENRY HELSTOSKI, New Jersey

H. JOHN HEINZ III, Pennsylvania
JAMES W. SYMINGTON, Missouri

WILLIAM H. HUDNUT III, Indiana
CHARLES J. CARNEY, Ohio

SAMUEL H. YOUNG, Illinois
RALPH H. METCALFE, Illinois
GOODLOE E. BYRON, Maryland
WILLIAM R. ROY, Kansas
JOHN BRECKINRIDGE, Kentucky

W. E. WILLIAMSON, Clerk
KENNETH J. PAINTER, Assistant Clerk

JOHN E. MOSS, California, Chairman
W. S. (BILL) STUCKEY, JR., Georgia JAMES T. BROYHILL, North Carolina
BOB ECKHARDT, Texas

JOHN WARE, Pennsylvania
HENRY HELSTOSKI, New Jersey

JOHN Y. McCOLLISTER, Nebraska
JOHN BRECKINRIDGE, Kentucky

SAMUEL H. YOUNG, Illinois

(II)

CONTENTS

(The same table of contents appears in parts 1, 2, 3, 4, and 5) Hearings held on

PART 1
June 5, 1973
June 6, 1973.
June 7, 1973-
June 8, 1973.
June 11, 1973-

Page

1 237 271 319 361

PART 5 September 11, 1973.

1773 September 12, 1973.

1815 September 13, 1973.

1925 September 14, 1973

1943 Text ofH.R. 5050.

8 H.R. 340.

115 Report of,

Securities and Exchange Commission on title I of H.R. 5050, with

attachment consisting of letter dated April 16, 1973, from SEC
Chairman Cook to Chairman Staggers on considerations involved
in requests for access to Commission files.

117 Treasury Department, on title IV of H.R. 5050

124 Statement of

Arachtingi, M. James, chairman of the board and president, Auerbach,
Pollak & Richardson, Inc.--

1377 Baker, Donald I., Director of Policy Planning, Antitrust Division, Department of Justice.

1525 Bayless, James L., president, Rauscher Pierce Securities Corp--- 1457, 1471 Becker, George R., chairman, Midwest Stock Exchange, Inc.

499 Berl, Warren H., industry director, New York Stock Exchange.--- 867, 893 Bevan, Robert L., assistant Federal legislative counsel, American Bankers Association..

783, 1925