Securities and Exchange Commission

The SEC is the primary U.S. regulator of securities markets, responsible for protecting investors, maintaining fair and efficient markets, and facilitating capital formation. Created in 1934 after the 1929 crash, the SEC oversees stock exchanges, broker-dealers, investment advisers, and public company disclosures.

The SEC's enforcement powers and rulemaking authority make it central to how capital markets function globally. However, the agency has been criticized for a 'revolving door' between regulators and the industry they oversee.