What is the Securities and Exchange Commission (SEC)?

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http://www.sec.gov/

The SEC
The Securities & Exchange Commission (SEC) is an independent agency of the US Federal Government that regulates US Exchanges by enforcing securities laws passed by Congress.
Securities laws promote markets that are fair, orderly, and efficient.
The SEC is expected to:
Protect investors from abuses such as fraud, misleading or false information, and insider trading.
Promote a well-functioning economy
Monitor corporate takeovers
SEC Commissioners
SEC commissioners are appointed by the US President and approved by the Senate.
There are five commissioners.
No more than three commissioners can belong to the same political party.
Terms last five years and are staggered, so each year an old commissioner is replaced by a new commissioner.
SEC Creation
The SEC was created in 1934 during the Great Depression, mostly as a response to the 1929 stock market crash.
The SEC is different from the Federal Reserve Board (FED).
Legislation
In addition to the Securities Exchange Act of 1934, which created it, the SEC enforces:
The Securities Act of 1933,
The Trust Indenture Act of 1939,
The Investment Company Act of 1940,
The Investment Advisers Act of 1940,
The Sarbanes–Oxley Act of 2002
Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010
JOBS Act of 2012
SEC Inaugural Chairman
Joseph P. Kennedy
Current SEC Chairman
Gary Gensler: 2021-
Blue Sky Laws
A blue-sky law is a state law in the United States that regulates the offering and sale of securities to protect the public from fraud.
They were enacted and enforced at the state level.
Though the specific provisions of these laws varied among states, they all required the registration of all securities offerings and sales, as well as of every U.S. stockbroker and brokerage firm.
However, these blue-sky laws were generally found to be ineffective.
Blue Sky laws still exist but have been mostly replaced by federal laws.
The term is said to have originated in the early 1900s when a Supreme Court justice declared his desire to protect investors from speculative ventures that had "as much value as a patch of blue sky."