SEC Chairman
Kennedy's first major involvement in a national political campaign was his support in 1932 for Franklin D. Roosevelt's bid for the Presidency. He donated, loaned, and raised a substantial amount of money for the campaign. Roosevelt rewarded him with an appointment as the inaugural Chairman of the U.S. Securities and Exchange Commission (SEC). Kennedy had hoped for a Cabinet post, such as Secretary of the Treasury. After Franklin Roosevelt called Joe to Washington, D.C. to clean up the securities industry, somebody asked FDR why he had tapped such a crook. "Takes one to catch one," replied Roosevelt. Kennedy's reforming work as SEC Chairman was widely praised on all sides, as investors realized the SEC was protecting their interests. His knowledge of the financial markets equipped him to identify areas requiring the attention of regulators. One of the crucial reforms was the requirement for companies to regularly file financial statements with the SEC, which broke what some saw as an information monopoly maintained by the Morgan banking family. He left the SEC in 1935 to take over the Maritime Commission, which built on his wartime experience in running a major shipyard.
Read more about this topic: Joseph P. Kennedy, Sr.
Famous quotes containing the word chairman:
“You know, when these New Negroes have their convention—that is going to be the chairman of the Committee on Unending Agitation. Race, race, race!... Damn, even the N double A C P takes a holiday sometimes!”
—Lorraine Hansberry (1930–1965)