Securities and Exchange Commission.

Not all antidepres- sion legislation, however, was of this new approach. The Securities Exchange Act of 1934804 and the Public Utility Company Act (“Wheeler-Rayburn Act”) of 1935805 were not. The former created the Securities and Exchange Commission and authorized it to lay down regulations designed to keep dealing in securities honest and aboveboard and closed the channels of interstate commerce and the mails to dealers refusing to register under the act. The latter required the companies governed by it to register with the Securities and Exchange Commission and to inform it concerning their business, organization, and financial structure, all on pain of being prohibited use of the facilities of interstate commerce and the mails; while, by § 11, the so-called “death sentence” clause, the same act closed the channels of interstate communication after a certain date to certain types of public utility companies whose operations, Congress found, were calculated chiefly to exploit the investing and consuming public. All these provisions have been sustained,806 with the Court relying principally on Gibbons v. Ogden.


48 Stat. 881, 15 U.S.C. §§ 77b et seq. back
49 Stat. 803, 15 U.S.C. §§ 7979z–6. back
Electric Bond Co. v. SEC, 303 U.S. 419 (1938); North American Co. v. SEC, 327 U.S. 686 (1946); American Power & Light Co. v. SEC, 329 U.S. 90 (1946). back