Salt Lake Telegram | 1934-05-07 | Page 1 | Exchange Bill under Debate

EXCHANGE BilL UNDER DEBATE Senate Engages in Controversy Controversy Contro- Contro versy Over Control of U. U S. S Stock Markets WASHINGTON Me May 7 Senate JP-Senate debate on the stock market control bill was opened Monday by by Chairman Chair man Fletcher o of the banking committee commit commit- tee with a statement that it was designed designed de de- signed to accomplish h the reforms advocated advocated ad- ad by stock exchange hadS themselves The veteran Florida Democrat mid the bill was drafted in response to I national demand fl flowing wing from the disclosure dis- dis closure ot of grievous errors or errors of practices He said Richard of the New York stock exchange had d conceded the principle ot of federal regulation and quoted him as saying he would be glad to see regulation under a federal agency Even before Senator Fletcher FIetcher outlined out out- lined the bill the senate became engaged en en- in in ina a controversy over the issue of whether control of the exchanges should be vested with the federal trade commission or a separate agency Senator Fletcher in response to an I inquiry from Senator Costigan D. D Cob Colo said he thought the trade com mission had done splendid work with the securities act and saw no reason why it could not administer the exchange law Senator Costigan indicated however however how how- ever that he would still fight for a separate commission The cardinal principle of the I stock market bill Senator Fletcher said rold is to restore as a rule of busi ness relations a 1 sense of fiduciary obligations and establish Social responsibility responsibility re- re as distinguished from rom individual jn in- gaIn