Type: Exhibition section
Name: Business Regulation
Detail: "It is Congress’ continuing responsibility to evaluate the operations of the markets in light of the policy objectives of our Federal securities laws. . . . The first goal is to provide a fair and honest mechanism for the pricing of securities, free from manipulative and deceptive practices of all kinds; The second is to prevent undue advantages or preferences among participants in the markets; The third is to insure that securities can be purchased and sold at economically efficient transactions costs. And the fourth is to maintain, to the maximum degree practicable, markets that are open, orderly, and fair. . . . We need less, not more, regulation. And that means more reliance on natural economic forces. Of course, federal regulation, including self-regulation through the exchanges and the NASD, remains necessary in order to insure that the markets operate in accord with these fundamental goals." Harrison A. Williams, Jr., Remarks to the American Institute of Certified Public Accountants, 9 January 1974.
Seeking the middle ground between the radical left’s condemnation of capitalism and the conservative right’s unqualified celebration of it, liberalism embraced the fundamental place of private enterprise in America while attempting through regulation to prevent abuses. As chairman of the Subcommittee on Securities and as a member of committees responsible for banking and small business, Williams participated in this balancing act at the very heart of American capitalism. His regulatory legislation sought to create confidence on the part of all participants—consumers, producers, investors, entrepreneurs, and intermediaries—in the integrity and stability of the marketplace. Full disclosure of information essential to informed choices, avoidance of conflicts of interest, transparent transaction terms and executions, and government agency oversight were among the regulatory tools favored by Williams to eliminate predatory practices and fraud while retaining competition, profit incentives, and risk-taking.