Following the 1929 collapse, much attention has been centered on the role of the security exchanges in our economy. Whether or not improper operation of the securities markets had caused the instability of the national economy was not clearly apparent. However, as many persons believed that such was the case, or that such operation was at least a major factor in the economic ills of the country, the "crash" and the resulting investigations provided the impetus for a reform program in the investment banking segment of our economy, and one phase of this program dealt with securities.
Guy L. Clinton,
Over-the-Counter Securities Markets,
1 Vanderbilt Law Review
Available at: https://scholarship.law.vanderbilt.edu/vlr/vol1/iss4/9