Stock Exchange Practices. Hearings before the Committee on Banking and Currency Pursuant to S.Res. 84 and S.Res. 56 and S.Res. 97 [Pecora Hearings]
This series of hearings, also known as the Pecora Commission hearings, was conducted by a subcommittee of the United States Senate Banking and Currency Committee between 1932 and 1934. The hearings investigated stock exchange practices and their effect on American commerce, the national banking system, and the government securities market. They also addressed issues of tax evasion and avoidance. The record of the hearings includes more than 12,000 printed pages with more than 1,000 exhibits received in evidence. Originally authorized by Senate Resolution 84 on March 2, 1932, the scope of the investigation was broadened with by Senate Resolution 56 on April 4, 1933 and Senate Resolution 97 on June 8, 1933. Prior to the appointment of Ferdinand Pecora on January 24, 1933, Claude Branch, William A. Gray and John Marrinan served as legal counsel for the early hearings. The transcripts were published in two series. The initial six parts covered the the work authorized by Resolution 84. The second 20 parts and final report document the expanded scope of the investigation after the passage of Resolutions 56 and 97.
The work of this committee set the stage for the Glass-Steagall legislation, the Securities Act of 1933, and the Securities Exchange Act of 1934.
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United States. Congress. Senate. Committee on Banking and Currency, ([year]), Stock Exchange Practices. Hearings before the Committee on Banking and Currency Pursuant to S.Res. 84 and S.Res. 56 and S.Res. 97 [Pecora Hearings], [issue title/date], accessed Jul 28, 2014 from FRASER, http:fraser.stlouisfed.org/publication/?pid=87
- Public Law 73-291, 73d Congress, H.R. 9323: Securities Exchange Act of 1934
- Public Law 73-66, 73d Congress, H.R. 5661: An Act to provide for the safer and more effective use of the assets of banks, to regulate interbank control, to prevent the undue diversion of funds into speculative operations [Banking Act of 1933]
1932 to 1941