July 7, 1967 - SEC issues commission rate notice. Today in 1967 the SEC requested information from the nation’s exchanges about a set of questionable practices revealed by the 1963 Special Study including “give-ups, volume discounts and related commission rate structure problems.” Commission rates were finally unfixed in 1975.
During the 30 years from 1934 to 1964, Blough played a significant role in virtually every development in the field of professional accounting. He was without doubt one of the most influential ‘high priests’ of the profession during the Twentieth Century.
- Moonitz, Maurice. "Memorial: Carman George Blough 1895-1981." The Accounting Review 57, no. 1 (1982): 147-60. Accessed June 25, 2021. http://www.jstor.org/stable/246745.
Carman G. Blough joined the U.S. Securities and Exchange Commission as a staff member in 1934, the year the agency was established. Blough then became the Commission’s first Chief Accountant in December 1935, where he served through May 1938.
The Society is grateful to Dr. Stephen A. Zeff (Keith Anderson Professor of Accounting at the Jesse H. Jones Graduate School of Business, Rice University) for his recent donation of a written transcript of his 1967 interview with Carman G. Blough.
A simple search of “Blough” using the museum’s search feature will return a number of additional items, including speeches, lectures, letters, memos and other artifacts related to this important historical figure.
The Society is pleased to open its newest gallery on the founding and early history of the Public Company Accounting Oversight Board (PCAOB), a unique regulatory entity established by the Sarbanes-Oxley Act of 2002 to oversee, inspect and enforce standards for auditors of publicly traded companies.
