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In the Midst of Revolution: The SEC, 1973-1981

First Linking Buyers and Sellers

Momentum for Change Slows

- April 27, 1979 "I'm Going to Give It To You Straight – I Don't Have Any Idea What I'm Doing," Herblock, Copyright by The Herb Block Foundation

Having the authority, however, did not mean that the SEC would use it. When Harold Williams became SEC Chairman, the country's mood for revolutionary change had cooled. The economic crisis of high unemployment, high inflation and rising interest rates dampened demands for immediate change to the market system, which many believed remained economically fragile.(36)

Rejecting revolutionary change, SEC Chairman Williams took a go-slow approach, relying on SEC and industry negotiation and cooperation, balancing the political influence of the SEC against calls from Congress for mandated change. Williams believed that the SEC was ill-suited "by experience or disposition" to serve as a "planner for industry."(37) He favored industry and market forces instead of SEC mandate to create the system. As a result, it appeared that securities industry experts were taking the lead in the design and implementation of the system.

But it was not merely the deliberate approach from the SEC that delayed implementation of the central market system. President Carter's view of the SEC and its role as a regulator of the markets stands in sharp contrast to his other initiatives to regulate the economy. Although willing to consider price and wage controls, President Carter took a hands-off approach to the SEC.

His archives provide clues as to why he took that approach. The public worries about inflation meant that that issue would remain the single most important of his Presidency. But nearly as important was Carter's belief that the SEC was a non-partisan agency, and that once he made his appointments, he should refrain from attempts to influence its policies. He respected the SEC and its staff and believed that the SEC and the markets could manage without his political influence and interference. After appointing Williams as SEC Chairman, Carter remained mostly neutral on SEC regulatory matters.

While this does not fully explain the deliberate approach of the SEC under Chairman Williams on the creation of a national market system, it does help explain how the momentum for change began to slow to a trickle from 1977 to 1980. By then, Congress once again was taking the lead, criticizing the agency for its inaction and lack of leadership. The danger, stated the House Subcommittee on Oversight and Investigations after studying the SEC's role in the creation of the central market system, "is that the Commission will be led by the strongest, most persistent voices in the industry rather than by its own independent assessment of the systems and rules necessary," leading to superficial instead of fundamental changes necessary to provide the best price most efficiently to investors.(38)

Chairman Williams had to balance those competing interests and voices inside and outside the SEC, always aware that the substantial changes being proposed could do great damage if poorly implemented.

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Footnotes:

(36) W. Carl Biven, Jimmy Carter's Economy: Policy in an Age of Limits (Chapel Hill: University of North Carolina Press, 2002)

(37) Judith Miller, "S.E.C. Chief a Policy Enigma," The New York Times, May 19, 1974, D1

(38) House Committee, Print 96-IFC 56, 96th Congress, 2nd Session, (1980)

Related Museum Resources

Papers

December 23, 1976: Letter from Robert Milne, Boyd Patterson & Co. to Hamilton Jordan recommending Marilyn V. Brown for SEC Chairman
image pdf (Courtesy of the Jimmy Carter Library and Museum)
December 28, 1976: Memorandum and Letter regarding address by SEC Commissioner John R. Evans to be given to the American Bankers Association Trust Division Conference
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
December 28, 1976: Postcript letter from Robert Milne, Boyd Patterson & Co. to Hamilton Jordan concerning Marilyn V. Brown for SEC Chairman
image pdf (Courtesy of the Jimmy Carter Library and Museum)
December 30, 1976: Letter from Gerald White, The Financial Analysts Federation to Hamilton Jordan supporting Marilyn V. Brown for SEC
image pdf (Courtesy of the Jimmy Carter Library and Museum)
December 31, 1976: Letter from Robert Wade to Hamilton Jordan supporting Marilyn Brown for SEC
image pdf (Courtesy of the Jimmy Carter Library and Museum)
February 7, 1977: "An SEC Perspective on Bank Trust Departments," Address by SEC Commissioner John R. Evans to the National Trust Conference, American Bankers Association
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
February 9, 1977: Letter from Morton Lapides, Alleghany Beverage Corporation to President Carter with recommendations for selection of next SEC Chairman
transcript pdf (Courtesy of the Jimmy Carter Library and Museum)
February 17, 1977: Note from President Carter to Hamilton Jordan: "Check out Irving Pollack for SEC Chairman"
transcript pdf (Courtesy of the Jimmy Carter Library and Museum)
February 18, 1977: Protest letter from A. Emmet Stephenson to President Carter on burden of SEC rules
image pdf (Courtesy of the Jimmy Carter Library and Museum)
February 21, 1977: "Challenges and Cooperative Regulatory Efforts," Address by SEC Commissioner John R. Evans to 1977 Winter Conference, Midwest Securities Commissioners Association
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
February 25, 1977: Letter from U.S. Senator Charles Mathias to President Carter in support of Morton Lapides
image pdf (Courtesy of the Jimmy Carter Library and Museum)
March 1, 1977: President Carter meeting schedule: "Thursday, 5:30 - Harold Williams (possibility for SEC)"
transcript pdf (Courtesy of the Jimmy Carter Library and Museum)
March 11, 1977: Letter from Frank Moore to Willis Dobbs on appointment of Harold Williams as SEC Chairman
transcript pdf (Courtesy of the Jimmy Carter Library and Museum)
March 16, 1977: Summary of White House mini conference on economic aspects of energy crisis
transcript pdf (Courtesy of the Jimmy Carter Library and Museum)
March 22, 1977: Reply letter from Valerie Giannini to A. Emmet Stephenson concerning proposed SEC rules
transcript pdf (Courtesy of the Jimmy Carter Library and Museum)
March 29, 1977: Memo to President Carter with nomination of Harold Williams as SEC Chairman
image pdf (Courtesy of the Jimmy Carter Library and Museum)
April 6, 1977: Letter from R.E. Skogsberg with complaint against Chase Manhattan Bank
transcript pdf (Courtesy of the Jimmy Carter Library and Museum)
April 8, 1977: Memo from James Frey to President Carter on proposed increase in SEC appropriation
image pdf (Courtesy of the Jimmy Carter Library and Museum)
April 14, 1977: Invitation from Heidi Fiske, Institutional Investor Institute to Anthony Solomon, Under Secretary for Monetary Affairs to speak at the Institute's Washington Roundtable
transcript pdf (Courtesy of the Jimmy Carter Library and Museum)
April 15, 1977: Memo from James King to Hamilton Jordan on interest of Linda Wertheimer in SEC
image pdf (Courtesy of the Jimmy Carter Library and Museum)
June 20, 1977: The Force of the Public Utility Holding Act has been Greatly Reduced by Changes in the SEC's Enforcement Policies - Report by the U.S. Comptroller General
image pdf (Courtesy of the Library of Congress)
July 14, 1977: Memo from Division of Market Regulation to SEC Commission concerning New York power failure and exchange trading
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
July 14, 1977: SEC Release on New York City blackout
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
August 1977: SEC Employee News
image pdf (Courtesy of the estate of Mollie B. Zion)
August 5, 1977: Letter from Senator Lawton Chiles to SEC Chairman Harold Williams on the Sunshine Act
document pdf (Courtesy of the estate of John Evans)
August 26, 1977: SEC Staff Report on Transactions in Securities of the City of New York: Introduction and Summary
image pdf (Arthur F. Burns Papers, Courtesy of the Gerald R. Ford Library)
September 13, 1977: Memo from the SEC Office of the General Counsel to the Commission in response to Senator Lawton Chiles's Letter on the Sunshine Act
document pdf (Courtesy of the estate of John Evans)
September 13, 1977: Memorandum from Peter Kiernan, SEC Office of Public Affairs, to Richard H. Rowe, Director, SEC Division of Corporation Finance, requesting draft testimony for SEC Commissioner Evans for Congressional hearings on banking practices
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
September 28, 1977: Statement of John R. Evans, Commissioner, Securities and Exchange Commission before the Senate Committee on Banking, Housing and Urban Affairs in Connection with Hearings on Certain Banking Practices
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
October 5, 1977: Letter from Laurence Farrell, National Investor Relations Institute to Stephen Selig inviting President Carter to meet with the Institute's Board
image pdf (Courtesy of the Jimmy Carter Library and Museum)
October 17, 1977: Letter from Fran Voorde to Laurence Farrell, National Investor Relations Institute declining invitation to President Carter
transcript pdf (Courtesy of the Jimmy Carter Library and Museum)
November 11, 1977: "A View from the SEC," Address by SEC Commissioner John R. Evans to NASD
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
November 21, 1977: Letter from SEC General Counsel Harvey Pitt to Janet Studley, Counsel, Subcommittee on Federal Spending, Practices and Open Government of the Committee on Governmental Affairs, U.S. Senate, on the Sunshine Act
document pdf (Courtesy of the estate of John Evans)
November 29, 1977: Statement of the Honorable John R. Evans, Commissioner, United States Securities and Exchange Commission, before the Subcommittee on Federal Spending Practices and Open Government of the Senate Committee on Government Operations, on the Impact of the Gover
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
December 12, 1977: "The SEC's Evolving Role in Bank Regulation," Address by SEC Commissioner John R. Evans to the AICPA National Conference on Banking
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
December 12, 1977: U.S. Securities and Exchange Commission News Digest
document pdf (Courtesy of Richard Rowe)
January 5, 1978: Memo from SEC Commissioner Loomis to SEC Commissioner Evans concerning applicants for the position of legal assistant to Commissioner Loomis
document pdf (Courtesy of the estate of John Evans)
January 6, 1978: Letter from Endicott Peabody to Stuart Eizenstat on Investment Policy Act of 1977
image pdf (Courtesy of the Jimmy Carter Library and Museum)
January 28, 1978: "The Future of the Securities Industry" - Address by SEC Chairman Harold M. Williams, Gustave L. Levy Memorial Lecture, Twelfth Annual Conference on Wall Street and the Economy
transcript pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
January 30, 1978: Letter from U.S. Representative John Jenrette to Stuart Eizenstat on Financial World article on securities industry and SEC
transcript pdf (Courtesy of the Jimmy Carter Library and Museum)
February 23, 1978: "Economic Priorities for Business" - Address by SEC Chairman Harold M. Williams to the Economic Club of Chicago
transcript pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
March 3, 1978: "The State of the Securities and Exchange Commission - 1978" - Address by SEC Chairman Harold M. Williams to The SEC Speaks in 1978
transcript pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
March 23, 1978: Letter from President Carter to SEC Chairman Harold Williams on new Executive Order to improve government regulations
transcript pdf (Courtesy of the Jimmy Carter Library and Museum)
April 1978: SEC Release: SEC and Comptroller of the Currency v. The National Bank of Georgia, The Calhoun First National Bank and T. Bertram Lance
transcript pdf (Courtesy of the Jimmy Carter Library and Museum)
April 12, 1978: Letter from SEC Chairman Harold Williams to President Carter on new Executive Order to improve government regulations
transcript pdf (Courtesy of the Jimmy Carter Library and Museum)
May 2, 1978: Letter from U.S. Ambassador Marvin L. Warner to SEC Chairman Harold Williams on visit of SEC Commissioner Irving Pollack to the American Embassy in Switzerland
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
May 15, 1978: Letter from Milton H. Cohen to Andrew M. Klein, Director, SEC Division of Market Regulation with suggestions for improving Rule 19b-4
transcript pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
May 17, 1978: "A Challenge to Mutual Funds" - Address by SEC Chairman Harold M. Williams to the Investment Company Institute
transcript pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
May 17, 1978: Statement of the Honorable Harold M. Williams, Chairman of the Securities and Exchange Commission, before the Subcommittee on Financial Institutions of the Committee on Banking, Housing and Urban Affairs, U .S. Senate
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
May 19, 1978: Memo from James Frey to President Carter on Securities Investor Protection Act Amendments
image pdf (Courtesy of the Jimmy Carter Library and Museum)
May 20, 1978: Memo from Stuart Eizenstat to President Carter on Securities Investor Protect Act Amendments
image pdf (Courtesy of the Jimmy Carter Library and Museum)
May 30, 1978: Letter from U.S. Representative James Collins to President Carter on selection of new SEC Commissioner
image pdf (Courtesy of the Jimmy Carter Library and Museum)
June 6, 1978: Letter from Senator Herman Talmadge to Frank B. Moore in support of re-appointment of John R. Evans as SEC Commissioner
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
June 13, 1978: Letter from Wallace F. Bennett to President Carter in support of the re-appointment of John Evans to the SEC Commission
document pdf (Courtesy of the estate of John Evans)
June 14, 1978: Letter from John E. Horne to President Carter in support of the re-appointment of John Evans to the SEC Commission
document pdf (Courtesy of the estate of John Evans)
June 14, 1978: Letter from SEC Commissioner Philip A. Loomis, Jr. to President Carter in support of re-appointment of John R. Evans as SEC Commissioner
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
June 20, 1978: Letter from Joseph L. Grant, SEC Atlanta Assistant Regional Administrator, to SEC Commissioner John Evans in support of Mr. Evans's re-appointment to the SEC Commission
document pdf (Courtesy of the estate of John Evans)
June 21, 1978: Letter from David G. Taylor, Continental Bank, to Tim Kraft, Special Assistant to the President, in support of the re-appointment of John Evans to the SEC Commission
document pdf (Courtesy of the estate of John Evans)
June 28, 1978: Letter from Sterling D. Colton to President Carter in support of the re-appointment of John Evans to the SEC Commission
document pdf (Courtesy of the estate of John Evans)
July to August 1978: U.S. Securities and Exchange Commission Employee News
document pdf (Courtesy of Theodore Levine)
July 11, 1978: Letter from William D. Moran to President Carter in support of the re-appointment of John Evans to the SEC Commission
document pdf (Courtesy of the estate of John Evans)
July 17, 1978: Letter from ICC Commissioner Charles L. Clapp to SEC Commissioner John R. Evans
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
July 19, 1978: List of attendees for meeting between Ambassador Robert Strauss's office and members of the securities industry
image pdf (Courtesy of the Jimmy Carter Library and Museum)
August 1, 1978: Letter from S. Lee Kling to Stephen Anbinder, Dillon Read & Co. requesting anti-inflation measures
transcript pdf (Courtesy of the Jimmy Carter Library and Museum)
August 21, 1978: Letter from Roger Smith, General Motors to S. Lee Kling supporting deceleration of inflation
image pdf (Courtesy of the Jimmy Carter Library and Museum)
August 23, 1978: Letter from Harvey L. Pitt to SEC Commissioner John R. Evans
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
September 12, 1978: Letter from Senator William Proxmire to President Carter in support of re-appointment of John R. Evans as SEC Commissioner
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
September 30, 1978: 44th Annual Report of the Securities and Exchange Commission
image pdf (Government Records)
October 2, 1978: Memo from James Frey to President Carter on HR 11567: SEC appropriations
image pdf (Courtesy of the Jimmy Carter Library and Museum)
October 5, 1978: SEC Should Strengthen its Inspection Oversight of the National Association of Securities Dealers - Report by the U.S. Comptroller General
image pdf (Courtesy of the Library of Congress)
October 19, 1978: Remarks by Under Secretary of the Treasury Anthony Solomon to the Public Securities Association
image pdf (Courtesy of the Jimmy Carter Library and Museum)
November 14, 1978: Transcript of exit interview with Jim Fallows, by Lee Johnson
image pdf (Courtesy of the Jimmy Carter Library and Museum)
December 28, 1978: Letter from Stephen Friedman, Department of the Treasury to Arnold Miller concerning upcoming meeting with Bill Greenough for SEC Commission
image pdf (Courtesy of the Jimmy Carter Library and Museum)
January 17, 1979: Letter from Gabriel Danihel, SEC to President Carter
image pdf (Courtesy of the Jimmy Carter Library and Museum)
March 2, 1979: Letter from Gerald E. Boltz to President Carter in support of the re-appointment of John Evans to the SEC Commission
document pdf (Courtesy of the estate of John Evans)
March 2, 1979: Letter from Walter D. Vinyard, Jr. to Peggy Rainwater, Presidential Personnel Office, in support of the re-appointment of John Evans to the SEC Commission
document pdf (Courtesy of the estate of John Evans)
March 2, 1979: Williams, SEC Chairman Harold M., "The State of the Securities and Exchange Commission," to The SEC Speaks, Practising Law Institute
document pdf (Courtesy of Theodore A. Levine)
March 30, 1979: Letter from SEC Chairman Harold M. Williams to Bernard Martin, Office of Management and Budget, on the draft "Paperwork Reduction" bill
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
April 3, 1979: New York State Attorney General Release endorsing SEC proposed rules on tender offers
image pdf (Courtesy of Orestes Mihaly)
April 5, 1979: "The Securities and Exchange Commission's Response to the Problems of Small Business" - Address by SEC Chairman Harold M. Williams at White House Conference on Small Business
image pdf (Government Records)
April 23, 1979: "The Role of Law in Society" - Address by SEC Chairman Harold M. Williams to the Legal Aid Society
image pdf (Government Records)
May 3, 1979: Protest letter from U.S. Representative Ronald Mottl to President Carter on closure of SEC Cleveland Branch Office
transcript pdf (Courtesy of the Jimmy Carter Library and Museum)
May 16, 1979: Letter from President Carter to SEC Chairman Harold Williams asking that the SEC establish a public participation funding program
image pdf (Courtesy of the Jimmy Carter Library and Museum)
June 7, 1979: Congratulatory Letter from Barbara L. Leventhal, Municipal Securities Rulemaking Board, to John R. Evans
document pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
June 8, 1979: Congratulatory Letter from Alan Rosenblat to John R. Evans
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
June 8, 1979: Congratulatory Letter from Joan M. Fleming, SEC, to John R. Evans
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
June 8, 1979: Congratulatory Letter from John S.R. Schoenfeld, International Management and Development Institute, to John R. Evans
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
June 8, 1979: Congratulatory Letter from Martin E. Lybecker, SEC, to John R. Evans
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
June 8, 1979: Congratulatory Letter from Richard B. Smith to John R. Evans
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
June 11, 1979: Congratulatory Letter from Daniel J. McCauley, Jr. to John R. Evans
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
June 12, 1979: Congratulatory Letter from Hugh Owens, Securities Investor Protection Corporation, to John R. Evans
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
June 12, 1979: Congratulatory Letter from retired Senator Wallace F. Bennett to John R. Evans
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
June 12, 1979: Congratulatory Letter from Senator William Proxmire to John R. Evans
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
June 13, 1979: Congratulatory Letter from Gerald Boltz to John R. Evans
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
June 13, 1979: Congratulatory Letter from Harvey L. Pitt to John R. Evans
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
June 13, 1979: Congratulatory Letter from John C. "Sandy" Burton to John R. Evans
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
June 13, 1979: Letter from R.C. Dikeman to SEC Commissioner John R. Evans on the National Association of Bond Dealers
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
June 15, 1979: Congratulatory Letter from A. A. Sommer, Jr. to John R. Evans
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
June 18, 1979: Reply from Stuart Eizenstat to U.S. Representative Ronald Mottl on closure of SEC Cleveland Branch Office
transcript pdf (Courtesy of the Jimmy Carter Library and Museum)
June 19, 1979: "Foreign Investment in the United States" - Address by SEC Chairman Harold M. Williams, Financial Times Limited
image pdf (Government Records)
June 19, 1979: Congratulatory Letter from Frederic T. Spindel to John R. Evans
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
June 22, 1979: "Tender Offers: An SEC Perspective," Address by SEC Commissioner John R. Evans to National Association of Corporate Directors Briefing
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
July 2, 1979: Letter from George P. Stamas to SEC Commissioner John R. Evans
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
September 26, 1979: Letter from President Carter to SEC Chairman Harold Williams asking that the SEC improve its consumer affairs activities
image pdf (Courtesy of the Jimmy Carter Library and Museum)
September 30, 1979: 45th Annual Report of the Securities and Exchange Commission
image pdf (Government Records)
October 22, 1979: Appointment Affadavit of John R. Evans to the Securities and Exchange Commission
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
October 22, 1979: Memo from William C. Wood to SEC Commissioner John R. Evans
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
October 24, 1979: Congratulatory Letter from Donald L. Calvin, The New York Stock Exchange, to John R. Evans
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
November 1, 1979: Statement of the Honorable John R. Evans, Commissioner, United States Securities and Exchange Commission, on S.1411
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
December 6, 1979: "Selected Current Issues in Securities Regulation," Address by SEC Commissioner John R. Evans to Conference on Securities Regulation
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
December 18, 1979: Letter from SEC Chairman Harold Williams to Stuart Eizenstat on proposed SEC Rule 242
image pdf (Courtesy of the Jimmy Carter Library and Museum)
January 21, 1980: Letter from Stuart Eizenstat to SEC Chairman Harold Williams proposing SEC cooperation with proposed Small Business Issuers' Simplification Act
image pdf (Courtesy of the Jimmy Carter Library and Museum)
February 1, 1980: "Free Enterprise in a Free Society" - Address by SEC Chairman Harold M. Williams to Corporate Issues of the 80s, Southern Methodist University
image pdf (Government Records)
February 1, 1980: Memo from Sheldon Rappaport to SEC Commissioner John R. Evans on subjects for use in a speech to the New York Stock Exchange
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
February 4, 1980: Memo from Al McDonald to President Carter on discussions with New York business leaders
image pdf (Courtesy of the Jimmy Carter Library and Museum)
February 14, 1980: "An Inside View of the SEC Regulatory Process," Address by SEC Commissioner John R. Evans to the Utah State Bar Association
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
February 27, 1980: Memo from Jim Clarkson to SEC Commissioner John R. Evans on upcoming trip to New York Regional Office
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
March 6, 1980: Remarks by SEC Commissioner John R. Evans to Board of Directors, New York Stock Exchange
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
March 7, 1980: "The State of the Securities and Exchange Commission - 1980" - Address by SEC Chairman Harold M. Williams to SEC Speaks
image pdf (Government Records)
March 17, 1980: "The Challenges of the New Decade" - Address by SEC Chairman Harold M. Williams to the Providence Journal/Brown University Public Affairs Conference
image pdf (Government Records)
March 27, 1980: "Deregulation Has Its Price," Address by SEC Commissioner John R. Evans to 1980 Mutual Funds & Investment Management Conference
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
April 19, 1980: Memo from Josh Gotbaum to President Carter on wage/price program
image pdf (Courtesy of the Jimmy Carter Library and Museum)
April 22, 1980: "Political Physics - Accountability Vacuums and Social Dynamics" - Speech by SEC Chairman Harold M. Williams at Washington University
image pdf (Government Records)
April 23, 1980: "The First Thousand Days - and Beyond" - Address by SEC Chairman Harold M. Williams at Northwestern University
image pdf (Government Records)
April 28, 1980: Thank-you letter from President Carter to SEC Commissioner Stephen Friedman on passage of HR 4986: Depository Institutions Deregulation and Monetary Act of 1980
transcript pdf (Courtesy of the Jimmy Carter Library and Museum)
June 3, 1980: "Revolutionary Change in the Financial Markets" - Remarks by SEC Commissioner Stephen J. Friedman to Options Seminar, Securities Industry Association
image pdf (Government Records)
June 5, 1980: "Inflation and the Recapitalization of America" - Address by SEC Chairman Harold M. Williams to the Calvin Bullock Forum
image pdf (Government Records)
June 5, 1980: Opening Statement of the Honorable Harold M. Williams, Chairman, Securities and Exchange Commission, at the occasion of the Commission's consideration of Rule 19c-3
transcript pdf (Courtesy of the estate of John R. Evans)
June 10, 1980: "Policy-Making and Enforcement at the SEC" - Remarks by SEC Commissioner Stephen J. Friedman to Federal Bar Association Securities Law Committee
image pdf (Government Records)
June 18, 1980: Testimony of the Honorable Harold M. Williams, Chairman, Securities and Exchange Commission, before the Joint Economic Conference
transcript pdf (Courtesy of the estate of John R. Evans)
September 5, 1980: Transcript of exit interview with Anne Edwards, by David Alsobrook
image pdf (Courtesy of the Jimmy Carter Library and Museum)
September 8, 1980: "Capital Formation, the Market Economy and the SEC" - Remarks by SEC Commissioner Stephen J. Friedman to National Association of Manufacturers
image pdf (Government Records)
September 9, 1980: "Public Capital for Mortgage Credit - Gift Horse or Trojan Horse?" - Remarks by SEC Commissioner Stephen J. Friedman to Mortgage Bankers Association of America
image pdf (Government Records)
October 3, 1980: "The Foreign Challenge" - Remarks by SEC Commissioner Stephen J. Friedman, Los Angeles
image pdf (Government Records)
December 5, 1980: Transcript of exit interview with Dr. Frank Press, by Dr. Thomas Soapes
image pdf (Courtesy of the Jimmy Carter Library and Museum)
January 2, 1981: Transcript of exit inteview with Sarah Weddington, by Emily Soapes
image pdf (Courtesy of the Jimmy Carter Library and Museum)
January 8, 1981: Transcript of exit interview with Tom Lambrix, by Emily Soapes
image pdf (Courtesy of the Jimmy Carter Library and Museum)
January 10, 1981: Transcript of exit interview with Stuart Eizenstat, by Emily Soapes
image pdf (Courtesy of the Jimmy Carter Library and Museum)
February 2, 1981: Transcript of exit interview with William Cable, by Emily Soapes
image pdf (Courtesy of the Jimmy Carter Library and Museum)

Photos

November 1977: SEC Commission

Philip A. Loomis, Jr., Harold M. Williams, John R. Evans and Irving M. Pollack
June 9, 1980: SEC Commission

Irving M. Pollack, Philip A. Loomis, Jr., Harold M. Williams, John R. Evans and Stephen J. Friedman
1981: Harold M. Williams with Ralph Ferrara

(Courtesy of Charles Leber )
1981: William Wood

(Courtesy of Charles Leber )

Oral Histories

18 February 2009 Stephen Friedman With Dr. Kenneth Durr

edited transcript (pdf)

14 April 2008 Daniel Goelzer With Dr. Kenneth Durr

Video: 10:10

edited transcript (pdf)

Daniel Goelzer served on the staff of the SEC from the mid-70’s through 1990. He began his SEC career in 1974 as a staff attorney in the Office of the General Counsel, and rose through the ranks to become the Commission’s General Counsel from 1983 to 1990. He also worked in the Office of the Chairman and was Executive Assistant to both Chairman Harold Williams and Chairman John Shad. After leaving the SEC, he was partner at the law firm of Baker & McKenzie LLP in Washington, DC until his appointment as a founding Board member of the Public Company Accounting Oversight Board (PCAOB) in 2002. He served as PCAOB’s Acting Chairman from 2009 – 2011 and returned to Baker & McKenzie after his PCAOB term ended in 2012. He was one of the founding Trustees of the SEC Historical Society.

25 February 2009 Willis Riccio With Dr. Kenneth Durr

edited transcript (pdf)

19 January 2006 Harold Williams With Daniel Goelzer, Amy Goodman

edited transcript (pdf)

07 January 2004 William Wood With Mary Beach, William Morley and Peter Romeo

- Part 1
- Part 2
edited transcript (pdf)

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