The Evolution Of The U.s. Securities And Exchange Commission Regulatory Policy

As we know, financial industry plays an essential role in the history of economicdevelopment of the U.S.. It is also one of the pillars of U.S. dominancy on the world. U.S. securitymarket remains the world’s largest and deepest security market. Undoubtedly, the U.S. Securitiesand Exchange Commission (SEC) is indispensable to the success of the U.S. securities market forits independent and efficient enforcement.This paper tries to analyze the change pattern of regulatory policies of SEC during and aftermajor security market crisis since1934. Also, the paper tries to find out the factors behinding thechange of regulatory policies. The main topics the paper tries to resolve are as follows:The first chapter reviews the related concepts and theories. First, the major theories ofregulatory economics are summarized. Second, the essence and characteristics of the regulatorypolicies of SEC are discussed.The second chapter provides in-depth analysis on the characteristics and variation ofregulatory policies of SEC during and after major security market crisis since1930s. In the end,the “crisis-driven” characteristic of the regulatory policies of SEC is given out.The third chapter analyses the influential factors of regulatory policies of SEC in depth.According to preceding analysis, the chapter chooses the Congress, the Presedent, and interestgroup of financial industry as the major influential factors, and analyses the effect mechanism ofthese factors.The forth chapter studies the SEC’s responsing measures to the2008financial crisis and thefinancial reform after crisis. The main purpose by doing so is to examine the conclusion of thepresiding chapters.The fifth chapter is the conclusion and overview. In this part, the chapter analized the“crisis-driven” characteristic of the regulatory policies of SEC, and provides possible causes.