ECONOMICS
REPORT - Securities and Exchange Commission
This is Doug Johnson with the VOA Special English
Economics Report.
In the United States, people who put their money in
banks are usually protected if the bank ever fails. They are guaranteed
to get their money back, up to one-hundred-thousand dollars. Financial
markets offer no guarantees. That is why the Securities（有价证券）and
Exchange Commission（兑换佣金）exists. The
S-E-C is an independent government agency formed to protect investors.
The need grew out of the stock market crash of 1929.
Many Americans lost trust in financial markets. The Great
Depression（大萧条）soon followed.
In nineteen-thirty four, Congress established the
Securities and Exchange Commission（证券及交易委员会）.
President Bush chose William Donaldson, an investment banker, as the
current chairman last December.
The commission has five members, including the chairman.
At most, three of the five may be of the same political party. The president
appoints the commissioners, with Senate approval. Their job is to establish
and enforce rules for financial markets.
The S-E-C has four divisions. One is the Division
of Corporation Finance. It requires public companies to report on their
financial condition and any issues that could affect investors.
The Division of Market Regulation oversees（监视，检查）the
private groups that supervise financial markets. Stock exchanges and
groups like the National Association of Securities
Dealers（全国证券经纪商公会）are self-governing. But, because their work
involves public trust（公益信托）, the S-E-C
plays a part.
The Division of Investment Management oversees investment
companies and dealers. Its areas include the mutual fund industry. Chairman
Donaldson recently called for changes to prevent some kinds of trading
in mutual funds（互惠基金）. Officials say
some traders use these methods to help only big investors.
And, the Division of Enforcement investigates violations
of laws. The commission can bring charges, but often reaches agreements
to avoid a trial. On October first, for example, the S-E-C reached a
deal with J.P. Morgan Securities. The company agreed to pay a fine of
twenty-five million dollars in a case, but did not have to admit or
deny guilt.
The S-E-C can only enforce civil laws. But it works
with agencies that enforce criminal laws. In some cases, the S-E-C may
work with the attorney general of a state to bring charges.
This VOA Special English Economics Report was
written by Mario Ritter. This is Doug Johnson.
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