Word: sec
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Dates: during 1960-1969
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...caught them for a richly deserved win in the 3,000-meter steeplechase. The U.S. has never produced a better man at 5,000 meters than Bob Schul of Ohio's Miami University; the Russians did not believe it -until he left them staggering with a blazing 54.8 sec. for the last...
Tough Watchdog. The most influential, and consequently the most controversial, of Washington's alphabet soup of agencies are the Big Seven independents-the Federal Trade Commission (FTC), Federal Power Commission (FPC), Federal Communications Commission (FCC), Interstate Commerce Commission (ICC), Securities and Exchange Commission (SEC), Civil Aeronautics Board (CAB) and the National Labor Relations Board (NLRB). In addition, the Food and Drug Administration must clear all prescription drugs and the Federal Aviation Agency, whose annual budget of $775 million is the largest of the agencies, sets safety standards and regulates the design and production of aircraft. The agencies spend about...
...suggestion, threat or litigation, the agencies can shake and reshape industries. The SEC in particular has recently been a tough watchdog on Wall Street. FTC's summary order to cigarette makers to put health warnings on packages and in their advertising has raised a storm that is headed for the courts. The ICC has so far held up the badly wanted merger of the Pennsylvania and New York Central railroads, and the CAB has turned thumbs down on the plans of American and Eastern airlines to merge...
...have grown in number and power, they have also grown their own faults. Molasses-slow bureaucracy is the chief of them: it can take three years to settle an ICC case, five years for the FPC to act on a gas pipeline rate change and 70 days for the SEC to process a new stock issue. One FTC case cost a company $285,000, and by the time it was finally settled-after six years of delay-the company had gone out of business...
...SEC's Manuel Cohen, a Brooklyn-born career lawyer for the commission, was recently appointed successor to William L. Cary. But no change is expected in the 1,500-man agency's vigorous policing of the stock market...