1950 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 1966 SOURCE: Securities and Exchange Commission DS-4768 (The biographies, personnel data, and organizational chart referred to in Chairman Cohen's statement follow :) BIOGRAPHY OF MANUEL F. COHEN, CHAIRMAN Chairman Cohen was born in Brooklyn, N.Y., on October 9, 1912. He holds a B.S. degree in social science from Brooklyn College of the College of the City of New York. He received an LL.B. degree, cum laude, from Brooklyn Law School of St. Lawrence University in 1936, and was elected to the Philonomic Council. He is a member of the District of Columbia and New York bars. In 1933-1934 he served as research associate in the Twentieth Century Fund studies of the securities markets. Chairman Cohen joined the Commission's staff as an attorney in 1942 after several years in private practice, serving first in the Investment Company Division and later in the Division of Corporation Finance. of which he was made Chief Counsel in 1953. He was named Adviser to the Commission in 1959 and in 1960 became Director of the Division of Corporation Finance. He was awarded a Rockefeller Public Service Award by the trustees of Princeton University in 1956 and for a period of 1 year studied the capital markets and the processes of capital formation and of government and other controls in the principal financial centers of Western Europe. In 1961, he was appointed a member of the Council of the Administrative Conference of the United States and received a Career Service Award of the National Civil Service League. From 1958 to 1962 he was lecturer in Securities Law and Regulation at the Law School of George Washington University and he is the author of a number of articles on securities regulation published in domestic and foreign professional journals. In 1962, he received an honorary LL.D. degree from Brooklyn Law School. He took office as a member of the Commission on October 11, 1961, for the term expiring June 5, 1963, and was reappointed for the term expiring June 5, 1968. He was designated Chairman of the Commission on August 20, 1964. BIOGRAPHY OF BYRON D. WOODSIDE, COMMISSIONER Commissioner Woodside was born in Oxford, Pa., in 1908, and is a resident of Haymarket, Va. He holds degrees of B.S. in economics from the University of Pennsylvania, A.M., from George Washington University, and LL.B. from Temple University. He is a member of the bar of the District of Columbia. In 1929 he joined the staff of the Federal Trade Commission, and in 1933, following the enactment of the Securities Act of 1933, was assigned to the Securities Division of that Commission which was charged with the administration of the Securities Act. Commissioner Woodside transferred to the Securities and Exchange Commission upon its establishment by the Securities Exchange Act of 1934. In 1940 he became Assistant Director and in 1952 Director of the Division (now Division of Corporation Finance) responsible for administering the registration and reporting provisions of the Securities Act, Securities Exchange Act, the Trust Indenture Act of 1939, and, in part, the Investment Company Act of 1940. For 14 months commencing in May 1948, he was on loan to the Department of the Army and assigned to duty in Japan as a member of a five-man board which reviewed reorganization plans of Japanese companies under the Occupation's decartelization program; and beginning in December 1950, he served 17 months with the National Security Resources Board and later with the Defense Production Administration as Assistant Deputy Administrator for Resources Expansion. He took office as a member of the Securities and Exchange Commission on July 15, 1960, for the term of office expiring June 5, 1962, and was reappointed effective June 5, 1962, for the term expiring June 5, 1967. BIOGRAPHY OF HUGH F. OWENS, COMMISSIONER Commissioner Owens was born in Muskogee, Oklahoma on October 15, 1909, and moved to Oklahoma City in 1918. He graduated from Georgetown Preparatory School, Washington, D.C., in 1927, and received his A.B. degree from the University of Illinois in 1931. In 1934, he received his LL.B. degree from the University of Oklahoma College of Law, and became associated with a Chicago law firm specializing in securities law. He returned to Oklahoma City in January 1936, to become associated with the firm of Rainey, Flynn, Green and Anderson. From 1940 to 1941, he was vice-president of the United States Junior Chamber of Commerce. During World War II he attained the rank of Lieutenant Commander U.S.N.R. and served as Executive Officer of a Pacific Fleet destroyer. In 1948, he became a partner in the firm of Hervey, May and Owens. From 1951 to 1953, he served as counsel for the Superior Oil Company in Midland, Texas, and thereafter returned to Oklahoma City, where he engaged in the general practice of law under his own name. He also served as a part-time faculty member of the School of Law of Oklahoma City University. In October 1959, he was appointed Administrator of the then newly enacted Oklahoma Securities Act and was active in the work of the North American Securities Administrators, serving as vice-president and a member of the executive committee of that Association. He took office as a member of the Securities and Exchange Commission on March 23, 1964, for the term expiring June 5, 1965, and was reappointed for the term expiring June 5, 1970. BIOGRAPHY OF HAMER H. BUDGE, COMMISSIONER Commissioner Budge was born in Pocatello, Idaho, on November 21, 1910. He attended the College of Idaho, Caldwell, Idaho, received an A.B. degree from Stanford University, Palo Alto, California, majoring in political science, and an LL.B. degree from the University of Idaho in Moscow, Idaho. He is admitted to practice before the Supreme Court of Idaho and the Supreme Court of the United States and practiced law in the city of Boise, Idaho, from 1936 to 1951, except for 31⁄2 years in the United States Navy (1942–1945), with final discharge as Lieutenant Commander. Elected to the Idaho State Legislature, he served three sessions, two as assistant Republican floor leader and one as majority floor leader. First elected to Congress in November 1950, he representd Idaho's Second Congressional District in the United States House of Representatives during the 82d, 83d, 84th, 85th, and 86th Congresses. In the House he was a member of the Rules Committee, Appropriations Committee, and Interior Committee. During the period from 1961 until his appointment to the Commission he was District Judge in Boise. He took office as a member of the Securities and Exchange Commission on July 8, 1964, for the term of office expiring June 5, 1969. BIOGRAPHY OF FRANCIS M. WHEAT, COMMISSIONER Commissioner Wheat was born in Los Angeles, California, on February 4, 1921. He received an A.B. degree in 1942 from Pomona College, in Claremont, California, and an LL.B. degree in 1948 from the Harvard Law School. At the time of his appointment to the Commission, Commissioner Wheat was a member of the Los Angeles law firm of Gibson, Dunn & Crutcher, with which he became associated upon his graduation from law school. His practice was primarily in the field of corporation and business law, including the registration of securities for public offering under the Securities Act of 1933. He has been active in bar association work, including service as Chairman of the Committee on Corporations of the Los Angeles County Bar Association and Chairman of the Subcommittee on Investment Companies and Investment Advisers, Committee on Federal Regulation of Securities, American Bar Association (Banking and Business Law Section). He also has written or co-authored articles on various aspects of the securities business and its regulation, both under Federal and State law. He took office as a member of the Commission on October 2, 1964, for the term expiring June 5, 1966, and was reappointed for the term expiring June 5, 1971. BIOGRAPHY OF ORVAL L. DUBOIS, SECRETARY OF THE COMMISSION Mr. Orval L. DuBois was born on November 20, 1910, in Agra, Kansas. Mr. DuBois has served as Secretary of the Commission since May, 1942. He first joined the Commission's staff as Secretary to a Commissioner in September, 1934, and served as Recording Secretary between May, 1935, and May, 1942. Prior to joining the Commission's staff, Mr. DuBois worked for the Federal Trade Commission from February, 1931, to May, 1934, and was serving as Secretary to a Commissioner of the FTC at the time he transferred to the SEC. BIOGRAPHY OF IRVING M. POLLACK, DIRECTOR, DIVISION OF TRADING AND MARKETS, SECURITIES AND EXCHANGE COMMISSION Mr. Irving M. Pollack was born in Brooklyn, New York, on April 8, 1918. He received a B.A. degree, cum laude, from Brooklyn College in 1938 and an LL.B. degree, magna cum laude, from Brooklyn Law School in 1942. Prior to joining the Commission's staff he engaged in the practice of law in New York City after serving nearly four years in the United States Army where he gained the rank of Captain. Mr. Pollack joined the staff of the Commission's General Counsel in October, 1946. He was promoted from time to time to progressively more responsible positions in that office and in 1956 became an Assistant General Counsel. In October, 1961, he was appointed to the position of Associate Director, Division of Trading and Exchanges (now Trading and Markets) in which he served until September, 1965, when he was appointed Division Director. BIOGRAPHY OF EDMUND H. WORTHY, DIRECTOR, DIVISION OF CORPORATION FINANCE, SECURITIES AND EXCHANGE COMMISSION Mr. Edmund H. Worthy was born on July 1, 1909, in Carrollton, Georgia. He attended Emory University and George Washington University, majoring in accounting, economics and finance. He received his LL.B. degree in 1934 from Washington College of Law, Washington, D.C. He was admitted to the Georgia State Bar in 1934, and the D.C. Bar in 1935. From 1931 to 1932, he was employed in the Office of Congressman W. C. Wright, Fourth District, Georgia, and from 1932 to 1935, he served on the Staff of Auditor of the Supreme Court for the District of Columbia. Mr. Worthy was first employed with the Commission in 1935 as a junior attorney. He progressed to legal positions with increasing responsibilities until 1954 when he was appointed as an Assistant Director of Operations in the Division of Corporation Finance. In 1957 he was appointed to the position of Assistant Director in charge of Administrative Proceedings and Investigations, and in 1961, he succeeded to the Office of Director of the Division of Corporation Finance. BIOGRAPHY OF SOLOMON FREEDMAN, DIRECTOR, DIVISION Of Corporate REGULATION, SECURITIES AND EXCHANGE COMMISSION Mr. Solomon Freedman was born in Philadelphia on November 8, 1909. He received a B.S. degree in Economics from the Wharton School, University of Pennsylvania in 1931 and an LL.B. degree from University of Pennsylvania Law School in 1934. Mr. Freedman was a member of the editorial board of the University of Pennsylvania Law Review and upon graduation assisted the Dean of the Law School in a number of special projects. For three years commencing in 1938 he was employed in the legal department of the Pennsylvania Public Utility Commission. For fourteen months thereafter and prior to joining the Commission's staff, he engaged in the private law practice in Philadelphia where he is a member of the Bar. Mr. Freedman first joined the Commission's staff as an attorney in the Division of Corporate Regulation in July, 1942, serving in successively higher graded positions. From July, 1952, to October, 1961, he served as Assistant Director and between October, 1961 to November, 1964, he held the position of Associate Director. He served as Acting Director of the Division of Corporate Regulation from July, 1964, until he was appointed Division Director in November, 1964. BIOGRAPHY OF PHILIP A. LOOMIS, JR., GENERAL COUNSEL, SECURITIES AND EXCHANGE COMMISSION Mr. Philip A. Loomis, Jr., was born in Colorado Springs, Colorado, on June 11, 1915. He received his AB degree in 1938 from Princeton University with highest honors. He received his LLB degree, cum laude, from Yale Law School in 1941. Mr. Loomis was admitted to the California Bar in 1941 and the U.S. Supreme Court in 1955. From 1942 to 1944 he was rent attorney with the Office of Price Administration; and from 1944 to 1946, he was Associate Counsel with Northrop Aircraft, Inc. of Hawthorne, California. From 1946 to 1954, he was in the general practice of law with O'Melveny & Myers of Los Angeles. In 1954 he was employed as an Expert Consultant on revision of rules and regulations of the Securities and Exchange Commission. On June 13, 1955, he was appointed to Associate Director, Division of Trading and Markets, and subsequently to Director of the Division, serving in that position until July 2, 1963, at which time he was appointed to the position of General Counsel. Mr. Loomis is a Trustee of the Webb School of California; Member of the American and Los Angeles Bar Associations; American Judicature Society; Civil War Round Table: Order of the Coif; and Phi Beta Kappa. He received the National Civil Service League Career Service Award. BIOGRAPHY OF ANDREW BARR, CHIEF ACCOUNTANT, SECURITIES AND EXCHANGE COMMISSION Mr. Andrew Barr was born in Urbana, Illinois, on May 6, 1901. He received his BS degree in 1923 and MS degree in 1924 from the University of Illinois, and did graduate study in economics at Yale University. He became a Certified Public Accountant in the State of Illinois in 1924. From 1924 to 1926 he was on the staff of the public accounting firm of Reckitt, Benington and LeClear of Chicago, Illinois, and from 1926 to 1938 he was an Instructor and Assistant Professor of Accounting at Yale University. On July 1, 1938, he was appointed to the staff of the Securities and Exchange Commission serving as follows: Research Accountant, Office of the Chief Accountant, 1938-47; Assistant Chief Accountant, 1947-53; Chief Accountant of the Division of Corporation Finance, 1953-56; Chief Accountant of the Commission, November 17, 1956 to present. He is a member of the Illinois and District of Columbia Societies of Certified Public Accountants; Member and Vice-President (1956) American Accounting Association; Member and Director (1955-56, 1956-57, 1958-59), Vice-President (1959-61), and President (1961-62) District of Columbia Chapter National Association of Accountants; charter founder and President (1953-54), Federal Government Accountants Association; Military Service-called to active duty as a Major (1941), assigned to Third Armored Division, 7th Corps, 1st Army ETO, Assistant Chief of Staff G-2 (Intelligence), official historian Third Armored Division, separated from Active Service in March, 1946, with the rank of Colonel. Mr. Barr has received the following awards: National Civil Service League Career Service Award (November, 1955); President's Award for Distinguished Federal Civilian Service (March, 1960); Federal Government Accountants Association National Award for Distinguished Leadership (May, 1961); elected to the Ohio State University Accounting Hall of Fame (May, 1963); Alpha Kappa Psi Foundation Award for Distinguished Service and Achievement in Accounting (1963); the CPA Gold Medal for distinguished service to the accounting profession, to business and to government (1964); Legion of Merit, Bronze Star with one Oak Leaf Cluster, Commendation Ribbon, French Legion of Honor, French Croix De Guerre with Palm, Distinguished Unit Badge, Belgian Fourragere, European Theater Medal (five Campaign Stars), German Occupation Ribbon, American Theater Medal, American Defense Ribbon and Victory Medal. BIOGRAPHY OF LOUGHLIN F. MCHUGH, CHIEF ECONOMIST, SECURITIES AND EXCHANGE COMMISSION Mr. Loughlin F. McHugh was born in Sligo, Ireland on July 6, 1915. He received his B.S. degree in 1935 from Harvard College and his M.A. degree from the Harvard Graduate School in 1942. Except for the period from April. 1945 to April, 1946, when he was on active duty in the military service and with the Central Intelligence Agency, Mr. McHugh was employed continuously by the Department of Commerce in Washington, D.C. in progressively more responsible Economist positions, from Julv, 1943 to December, 1960. and last served there as Chief, National Economics Division. He was employed as a Staff Economist with the Committee for Economic Development in Washington, D.C. from January, 1961 to April. 1965. Mr. McHugh joined the Commission's staff on April 11, 1965, as Chief Economist and presently serves in that capacity in charge of the Office of Policy Research. SECURITIES AND EXCHANGE COMMISSION PERSONNEL INFORMATION I. LENGTH OF SERVICE We have at present 340 employees on our staff with more than 10 years of SEC service, as follows: |