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FEDERALhearing transcript

1974 Senate Hearing on SEC Oversight of Third Market Trading

Original title: SEC authority over third market trading: hearing before the Subcommittee on Securities of the Committee on Banking, United States Senate, Ninety-third Congress, second session, on S. 3126, March 27 and 28, 1974.

Record date · July 20, 2026

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What This Bill Does

This document is a transcript of a two-day Senate subcommittee hearing held in March 1974 regarding S. 3126, a bill proposing to expand the Securities and Exchange Commission's (SEC) regulatory authority over '' trading. The hearing examined the impact of off-exchange trading on the national securities market structure.

Why it matters

The hearing addressed the legal framework for how stocks are traded outside of traditional exchanges, directly impacting the regulatory oversight of financial markets and the competitive landscape for stock brokers and investors.

Who It Affects

Groups the bill's text affects, as described in the record. Being affected is not a position for or against it.

Directly affected

Securities and Exchange Commission

The agency's regulatory scope and enforcement powers were the subject of the proposed legislation.

Directly affected

Stock exchanges and over-the-counter market participants

These entities are subject to the regulatory oversight and market rules discussed in the hearing.

Key Facts

The hearing took place on March 27 and 28, 1974.
The subject of the hearing was S. 3126, a bill concerning SEC authority over third market trading.
The hearing was conducted by the Subcommittee on Securities of the Committee on Banking of the United States Senate.
The proceedings occurred during the second session of the Ninety-third Congress.

Frequently Asked Questions

What is 'third market' trading?

In the context of 1974, it refers to the trading of exchange-listed securities in the over-the-counter market.

What was the purpose of S. 3126?

The bill aimed to clarify and potentially expand the authority of the SEC to regulate trading activities occurring outside of traditional stock exchanges.

What else do you want to know?

News Coverage

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Full breakdown

Who this bill affects and the strongest case for and against it, written only from the bill’s own text.

Discoveries

1 pattern noticed across the record

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift90% confidence

Evolution of Market Oversight

The hearing highlights the transition toward a centralized national market system by attempting to bring off-exchange trading under SEC purview.

Securities and Exchange Commission S. 3126

Connected Entities

Subcommittee on Securities of the Committee on Banking, Securities and Exchange Commission

OrganizationSubcommittee on Securities of the Committee on Banking“The Senate subcommittee responsible for conducting the hearing.”Map →

OrganizationSecurities and Exchange Commission“The federal agency whose regulatory powers were under discussion.”Map →

Sources

Open source document

www.govinfo.gov

Analysis Score

0–100

Significance65
How much this matters to a regular citizen
Controversy40
Intensity of disagreement among stakeholders
Entertainment10
Compellingness for a non-policy-wonk reader
Buzz5
Current news / social attention level

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