Corporation Trust Center (CT Corporation)
The Corporation Trust Center, 1209 North Orange Street, is a single-story building located in the Brandywine neighborhood of Wilmington, Delaware, USA, operated by CT Corporation. This is CT Corporation's location in the state of Delaware for providing "registered agent services." In 2012 it was the registered agent address of no fewer than 285,000 separate businesses. Companies have offices in Delaware due to its desirable corporate taxes and law, it is estimated that 9 billion dollars of potential taxes were not levied over the past decade, due to the Delaware loophole. Offices are held in the state to avoid the high franchise fees associated with registering the company in Delaware and operating the corporation outside the state. Notable companies that hold a post-office box at this location include Google, American Airlines, Apple Inc, General Motors, Coca-Cola, Kentucky Fried Chicken, Verizon Internet Services, Deutsche Bank with about 430 of their more than 2,000 subsidiary companies and special purpose companies.
Both President Donald Trump, his opponent in the 2016 United States presidential election, Hillary Clinton, have registered companies at the center. Delaware corporation List of company registers Ugland House in George Town, Cayman Islands Welcome to tax-dodge city, USA - Guardian.co.uk
George Town, Cayman Islands
George Town is a city situated on Grand Cayman island of the Cayman Islands. It serves in the British West Indies; as of 2007, the city had a population of 28,836, making it the second largest city of all the British Overseas Territories. George Town is the heart of the Cayman Islands financial services industry; the Caymanian government offices are located in the city. According to the Globalization and World Cities Research Network in 2016, George Town is classed as a'gamma + city'; the Caymanian government offices are located in George Town. These offices include the Legislative Assembly of the Cayman Islands, the Court Houses and the Government Administration Building; the Government Administration Building houses the offices of the Premier and other members of Cabinet, the Deputy Governor and his staff as well as other elected officials and civil servants. The former Old Courts Building located at the corner of Shedden Road and Harbour Drive is now the National Museum of Grand Cayman; the building was built more than 150 years ago and has served the Caymanian government not only as a court building but as a jail and the island's first official Post Office.
George Town's city limits extend from the east at the edge of the South Shore District, north just beyond Owen Roberts International Airport, south to Hog Sty Bay and west to Seven Mile Beach and the West Bay District. George Town's famous Seven Mile Beach is a long crescent of coral-sand beach extending up to the West Bay region of Grand Cayman and is the most popular and populated area for tourists on the island. Georgetown has a tropical monsoon climate, with a hot and wet season from May through November, a warm and dry season from December through April; as with most tropical climates, there is only a slight variation in monthly mean temperatures during the course of the year. | The financial services generated CI$1.2 billion of GDP in 2007, 36% of all employment and 40% of all government revenue. The Cayman Islands ranks fifth internationally in terms of value of liabilities booked and sixth in terms of assets booked, it has branches of 40 of the world's 50 largest banks. The Cayman Islands are the second largest captive domicile in the world with more than 700 captives, writing more than US$7.7 billion of premiums and with US$36.8 billion of assets under management.
There are more than 9,500 funds under licence with globally recognised legal, audit/accounting and fund administration services. Major law firms such as Maples and Calder have established themselves in the Cayman Islands. Large accounting firms such as KPMG, Ernst & Young and Deloitte are present; as a result, the Cayman Islands are a leader in captive domiciles, hedge fund registrations and is considered a major international banking centre. George Town is a popular port of call for the Caribbean with cruise ships anchoring in George Town Harbour Tuesday through Friday. Cruise ships calling at George Town anchor offshore and ferry their passengers ashore by tenders known as shuttle boats. Passengers disembark in George Town, in the centre of the Grand Cayman shopping district and remain anchored from early morning until mid-afternoon. Activities available to tourists in George Town include submarine tours of George Town Harbour, glass-bottom boat tours, scuba-diving, charter boat tours, rum distillery tours, art galleries, a historical museum, of course and eating.
For nightlife, Seven Mile Beach is host to numerous bars. George Town's waterfront is home to a Harley-Davidson shop, a Jimmy Buffett's Margaritaville franchise, a Guy Harvey art studio and restaurant. Ritz-Carlton Grand Cayman is the grandest hotel on the island. George Town, as well as the rest of Grand Cayman, is served by nearby Owen Roberts International Airport, it is one of the only two entrance points to the Cayman Islands by air, the other being Charles Kirkconnell Airport on Cayman Brac. There are over 55 weekly flights into the Cayman Islands. Cayman Airways is the National Flag Carrier of the Cayman Islands and features five Boeing 737 jets and two Twin Otters. Non-stop service to Grand Cayman are available from Atlanta, Tampa, London, New York, Montego Bay, Washington D. C. Havana, Panama City, La Ceiba and more; the following highways serve the city: East/West Arterial Linford Pierson Highway Esterly Tibbetts Highway A fleet of Share taxi minibuses serve the city. The Cayman Islands Education Department operates George Town Primary School, Red Bay Primary School, Prospect Primary School, John Gray High School and the University College of the Cayman Islands.
John Gray High is in the former George Hicks High School building since 2012. Caymanian children are entitled to free secondary education. Various churches and private foundations operate several private schools that offer American and British based studies starting from nursery up to A Levels and College. Private schools include: Cayman International School Cayman Prep & High School St. Ignatius Catholic SchoolMontessori operates 3 schools in George Town; the schools are located on Hind's Way and Prospect Point Road in Red Bay. St. Matthew's University, a Medical and Veterinary school is located on the outskirts of George Town. Photos of George Town Webcam in George Town
United States Congress
The United States Congress is the bicameral legislature of the Federal Government of the United States. The legislature consists of two chambers: the House of the Senate; the Congress meets in the United States Capitol in Washington, D. C.. Both senators and representatives are chosen through direct election, though vacancies in the Senate may be filled by a gubernatorial appointment. Congress has 535 voting members: 100 senators; the House of Representatives has six non-voting members representing Puerto Rico, American Samoa, the Northern Mariana Islands, the U. S. Virgin Islands, the District of Columbia in addition to its 435 voting members. Although they cannot vote in the full house, these members can address the house and vote in congressional committees, introduce legislation; the members of the House of Representatives serve two-year terms representing the people of a single constituency, known as a "district". Congressional districts are apportioned to states by population using the United States Census results, provided that each state has at least one congressional representative.
Each state, regardless of population or size, has two senators. There are 100 senators representing the 50 states; each senator is elected at-large in their state for a six-year term, with terms staggered, so every two years one-third of the Senate is up for election. To be eligible for election, a candidate must be aged at least 25 or 30, have been a citizen of the United States for seven or nine years, be an inhabitant of the state which they represent; the Congress was created by the Constitution of the United States and first met in 1789, replacing in its legislative function the Congress of the Confederation. Although not mandated, in practice since the 19th century, Congress members are affiliated with the Republican Party or with the Democratic Party and only with a third party or independents. Article One of the United States Constitution states, "All legislative Powers herein granted shall be vested in a Congress of the United States, which shall consist of a Senate and House of Representatives."
The House and Senate are equal partners in the legislative process—legislation cannot be enacted without the consent of both chambers. However, the Constitution grants each chamber some unique powers; the Senate ratifies treaties and approves presidential appointments while the House initiates revenue-raising bills. The House initiates impeachment cases. A two-thirds vote of the Senate is required before an impeached person can be forcibly removed from office; the term Congress can refer to a particular meeting of the legislature. A Congress covers two years; the Congress ends on the third day of January of every odd-numbered year. Members of the Senate are referred to as senators. Scholar and representative Lee H. Hamilton asserted that the "historic mission of Congress has been to maintain freedom" and insisted it was a "driving force in American government" and a "remarkably resilient institution". Congress is the "heart and soul of our democracy", according to this view though legislators achieve the prestige or name recognition of presidents or Supreme Court justices.
One analyst argues that it is not a reactive institution but has played an active role in shaping government policy and is extraordinarily sensitive to public pressure. Several academics described Congress: Congress reflects us in all our strengths and all our weaknesses, it reflects our regional idiosyncrasies, our ethnic and racial diversity, our multitude of professions, our shadings of opinion on everything from the value of war to the war over values. Congress is the government's most representative body... Congress is charged with reconciling our many points of view on the great public policy issues of the day. Congress is changing and is in flux. In recent times, the American south and west have gained House seats according to demographic changes recorded by the census and includes more minorities and women although both groups are still underrepresented. While power balances among the different parts of government continue to change, the internal structure of Congress is important to understand along with its interactions with so-called intermediary institutions such as political parties, civic associations, interest groups, the mass media.
The Congress of the United States serves two distinct purposes that overlap: local representation to the federal government of a congressional district by representatives and a state's at-large representation to the federal government by senators. Most incumbents seek re-election, their historical likelihood of winning subsequent elections exceeds 90 percent; the historical records of the House of Representatives and the Senate are maintained by the Center for Legislative Archives, a part of the National Archives and Records Administration. Congress is directly responsible for the governing of the District of Columbia, the current seat of the federal government; the First Continental Congress was a gathering of representatives from twelve of the thirteen British Colonies in North America. On July 4, 1776, the Second Continental Congress adopted the Declaration of Independence, referring to the new nation as the "United States of America"; the Articles of Confederation in 1781 created the Congress of the Confederation, a
The United States of America known as the United States or America, is a country composed of 50 states, a federal district, five major self-governing territories, various possessions. At 3.8 million square miles, the United States is the world's third or fourth largest country by total area and is smaller than the entire continent of Europe's 3.9 million square miles. With a population of over 327 million people, the U. S. is the third most populous country. The capital is Washington, D. C. and the largest city by population is New York City. Forty-eight states and the capital's federal district are contiguous in North America between Canada and Mexico; the State of Alaska is in the northwest corner of North America, bordered by Canada to the east and across the Bering Strait from Russia to the west. The State of Hawaii is an archipelago in the mid-Pacific Ocean; the U. S. territories are scattered about the Pacific Ocean and the Caribbean Sea, stretching across nine official time zones. The diverse geography and wildlife of the United States make it one of the world's 17 megadiverse countries.
Paleo-Indians migrated from Siberia to the North American mainland at least 12,000 years ago. European colonization began in the 16th century; the United States emerged from the thirteen British colonies established along the East Coast. Numerous disputes between Great Britain and the colonies following the French and Indian War led to the American Revolution, which began in 1775, the subsequent Declaration of Independence in 1776; the war ended in 1783 with the United States becoming the first country to gain independence from a European power. The current constitution was adopted in 1788, with the first ten amendments, collectively named the Bill of Rights, being ratified in 1791 to guarantee many fundamental civil liberties; the United States embarked on a vigorous expansion across North America throughout the 19th century, acquiring new territories, displacing Native American tribes, admitting new states until it spanned the continent by 1848. During the second half of the 19th century, the Civil War led to the abolition of slavery.
By the end of the century, the United States had extended into the Pacific Ocean, its economy, driven in large part by the Industrial Revolution, began to soar. The Spanish–American War and World War I confirmed the country's status as a global military power; the United States emerged from World War II as a global superpower, the first country to develop nuclear weapons, the only country to use them in warfare, a permanent member of the United Nations Security Council. Sweeping civil rights legislation, notably the Civil Rights Act of 1964, the Voting Rights Act of 1965 and the Fair Housing Act of 1968, outlawed discrimination based on race or color. During the Cold War, the United States and the Soviet Union competed in the Space Race, culminating with the 1969 U. S. Moon landing; the end of the Cold War and the collapse of the Soviet Union in 1991 left the United States as the world's sole superpower. The United States is the world's oldest surviving federation, it is a representative democracy.
The United States is a founding member of the United Nations, World Bank, International Monetary Fund, Organization of American States, other international organizations. The United States is a developed country, with the world's largest economy by nominal GDP and second-largest economy by PPP, accounting for a quarter of global GDP; the U. S. economy is post-industrial, characterized by the dominance of services and knowledge-based activities, although the manufacturing sector remains the second-largest in the world. The United States is the world's largest importer and the second largest exporter of goods, by value. Although its population is only 4.3% of the world total, the U. S. holds 31% of the total wealth in the world, the largest share of global wealth concentrated in a single country. Despite wide income and wealth disparities, the United States continues to rank high in measures of socioeconomic performance, including average wage, human development, per capita GDP, worker productivity.
The United States is the foremost military power in the world, making up a third of global military spending, is a leading political and scientific force internationally. In 1507, the German cartographer Martin Waldseemüller produced a world map on which he named the lands of the Western Hemisphere America in honor of the Italian explorer and cartographer Amerigo Vespucci; the first documentary evidence of the phrase "United States of America" is from a letter dated January 2, 1776, written by Stephen Moylan, Esq. to George Washington's aide-de-camp and Muster-Master General of the Continental Army, Lt. Col. Joseph Reed. Moylan expressed his wish to go "with full and ample powers from the United States of America to Spain" to seek assistance in the revolutionary war effort; the first known publication of the phrase "United States of America" was in an anonymous essay in The Virginia Gazette newspaper in Williamsburg, Virginia, on April 6, 1776. The second draft of the Articles of Confederation, prepared by John Dickinson and completed by June 17, 1776, at the latest, declared "The name of this Confederation shall be the'United States of America'".
The final version of the Articles sent to the states for ratification in late 1777 contains the sentence "The Stile of this Confederacy shall be'The United States of America'". In June 1776, Thomas Jefferson wrote the phrase "UNITED STATES OF AMERICA" in all capitalized letters in the headline of his "original Rough draught" of the Declaration of Independence; this draft of the document did not surface unti
The Cayman Islands is an autonomous British Overseas Territory in the western Caribbean Sea. The 264-square-kilometre territory comprises the three islands of Grand Cayman, Cayman Brac and Little Cayman, which are located to the south of Cuba and northeast of Honduras, between Jamaica and the Yucatán Peninsula; as of spring 2018, the total population of the Cayman Islands is estimated to be 64,420 making it the second-most populated British overseas territory after Bermuda. The capital city is George Town, situated on Grand Cayman, by far the most populous of the three islands; the Cayman Islands is considered to be part of the geographic Western Caribbean Zone as well as the Greater Antilles. The territory is considered a major world offshore financial haven for international businesses and many wealthy individuals; the Cayman Islands remained uninhabited until the 17th century. While there is no archaeological evidence for an indigenous people on the islands, a variety of settlers from various backgrounds made their home on the islands, including pirates, shipwrecked sailors, deserters from Oliver Cromwell's army in Jamaica.
The first recorded permanent inhabitant of the Cayman Islands, Isaac Bodden, was born on Grand Cayman around 1661. He was the grandson of the original settler named Bodden, one of Oliver Cromwell's soldiers at the taking of Jamaica in 1655. England took formal control of the Cayman Islands, along with Jamaica, as a result of the Treaty of Madrid of 1670. Following several unsuccessful attempts at settlement, a permanent English-speaking population in the islands dates from the 1730s. With settlement, after the first royal land grant by the Governor of Jamaica in 1734, came the perceived need for slaves. Many were brought to the islands from Africa; the results of the first census taken in the islands in 1802 showed the population on Grand Cayman to be 933 with 545 of those inhabitants being enslaved. Slavery was abolished in the Cayman Islands in 1833. At the time of abolition, there were over 950 Blacks of African ancestry enslaved by 116 white families of English ancestry; the islands continued to be governed as part of the Colony of Jamaica until 1962, when they became a separate Crown colony while Jamaica became an independent Commonwealth realm.
On 8 February 1794, the Caymanians rescued the crews of a group of ten merchant ships, including HMS Convert, an incident that has since become known as the Wreck of the Ten Sail. The ships had struck a run aground during rough seas. Legend has it that King George III rewarded the island with a promise never to introduce taxes as compensation for their generosity, as one of the ships carried a member of the King's own family. While this remains a popular legend, the story is not true; the Cayman Islands has been a tax-exempt destination. The government of the Cayman Islands has always relied on not direct taxes; the territory has never levied income tax, capital gains tax, or any wealth tax, making them a popular tax haven. On 11 September 2004 the island of Grand Cayman, which lies unprotected at sea level, was hit by Hurricane Ivan, creating an 8-ft storm surge which flooded many areas of Grand Cayman. An estimated 83% of the dwellings on the island were damaged including 4% requiring complete reconstruction.
A reported 70 % of all dwellings suffered severe damage from wind. Another 26% sustained minor damage from partial roof removal, low levels of flooding, or impact with floating or wind driven hurricane debris. Power and communications were disrupted for months in some areas as Ivan was the worst hurricane to hit the islands in 86 years. Grand Cayman began a major rebuilding process and within two years its infrastructure was nearly returned to pre-hurricane status. Due to the tropical location of the islands, more hurricanes or tropical systems have affected the Cayman Islands than any other region in the Atlantic basin; the islands are in the western Caribbean Sea and are the peaks of a massive underwater ridge, known as the Cayman Ridge. This ridge flanks the Cayman Trough, 6,000 m deep; the islands lie in the northwest of the Caribbean Sea, east of Quintana Roo and Yucatán State, northeast of Costa Rica, north of Panama, south of Cuba and west of Jamaica. They are situated about 700 km south of Miami, 750 km east of Mexico, 366 km south of Cuba, about 500 km northwest of Jamaica.
Grand Cayman is by far the largest, with an area of 197 km2. Grand Cayman's two "sister islands", Cayman Brac and Little Cayman, are about 120 km east north-east of Grand Cayman and have areas of 38 and 28.5 km2 respectively. The nearest land mass from Grand Cayman is the Canarreos Archipelago, whereas the nearest from the eastermost island Cayman Brac is the Jardines de la Reina archipelago - both of which are part of Cuba. All three islands were formed by large coral heads covering submerged ice age peaks of western extensions of the Cuban Sierra Maestra range and are flat. One notable exception to this is The Bluff on Cayman Brac's eastern part, which rises to 43 m above sea level, the highest point on the islands. Terrain is a low-lying limestone base surrounded by coral reefs; the mammalian species in the Cayman Islands include the introduced Central American agouti and eight species of bats. At least three now extinct native rodent species were present up until the discovery of the islands by Europeans.
Overseas Private Investment Corporation
The Overseas Private Investment Corporation is the United States government's development finance institution. It mobilizes private capital to help solve critical development challenges and, in doing so, advances the foreign policy of the United States and national security objectives; because OPIC works with the U. S. private sector, it helps U. S. businesses gain footholds in emerging markets, catalyzing revenues and growth opportunities both at home and abroad. OPIC achieves its mission by providing investors with financing, political risk insurance, support for private equity investment funds, when commercial funding cannot be obtained elsewhere. Established as an agency of the U. S. government in 1971, OPIC operates on a self-sustaining basis at no net cost to American taxpayers. All OPIC projects adhere to high environmental and social standards and respect human rights, including worker's rights. By mandating high standards, OPIC aims to raise the industry and regional standards in countries where it funds projects.
OPIC services are available for new and expanding business enterprises in more than 160 countries worldwide. OPIC helps provide medium- to long-term funding through direct loans and loan guarantees to eligible investment projects in developing countries and emerging markets. By complementing the private sector, OPIC can provide financing in countries where commercial financial institutions are reluctant or unable to lend. Recognizing that businesses both large and small play an important role in developing nations, in recent years OPIC has made it a priority to work with American small businesses, which comprise, on average, 80 percent of projects supported by the agency. OPIC's Department of Small and Medium-sized Enterprise Finance offers qualified small businesses a streamlined approval process and direct loans from $100,000 to $10 million with terms from three to 15 years. While the eligible U. S. small business must own at least 25 percent of the overseas project, OPIC may be able to finance up to 65 percent of the total project cost.
OPIC has conducted more than a dozen small business workshops around the United States since 2006, educating nearly 1,600 business owners about OPIC products and services. OPIC's political risk insurance enables U. S. businesses to take advantage of commercially attractive opportunities in emerging markets, mitigating risk and helping them compete in a global marketplace. OPIC helps U. S. investors protect their investments in a variety of situations, including political violence, expropriation or other government interference, currency inconvertibility. OPIC provides support for the creation of owned and managed investment funds; these funds make direct equity and equity-related investments in new, expanding or privatizing emerging market companies. OPIC-supported funds help emerging market economies to access long-term growth capital, management skills, financial expertise, all of which are key factors in expanding economic development for people in developing nations. OPIC supports projects in a range of industries—from energy to housing and financial services.
It focuses on regions where the need is greatest and in sectors that can have the greatest developmental impact. OPIC has focused on projects that encourage the use of renewable resources, which represent not only an urgent global need but a significant investment opportunity. A current example is Project Salvador, a 70 megawatt-peak photovoltaic power plant in Chile, where solar power is economic without government subsidies due to the volume of solar irradiation in that country. Working with private energy companies Total and Etrion, OPIC provided 70% financing for the $200 million project. Another key priority is impact investing, which aims to produce positive social impacts while generating financial returns sufficient to make these projects sustainable. OPIC has committed to provide $1.5 billion to develop energy projects in Africa over the next five years, in support of President Obama's Power Africa initiative to double the number of people on the continent who have access to electricity.
The Power Africa initiative will help African countries develop more of their extensive energy resources, including oil and gas, hydro, wind and biomass, while building out power generation and transmission infrastructure. OPIC requires that its projects have a meaningful connection to the U. S. private sector. For financing, this means a U. S.-organized entity 25 percent or more U. S.-owned or a majority U. S.-owned foreign-organized entity. S. citizens, lawful permanent residents and U. S.-organized non-governmental organizations. OPIC does not support projects that negatively affect the U. S economy. OPIC projects must meet congressionally mandated requirements regarding protection of the environment, social impacts and safety; the guidelines and procedures are based in large part on environmental and social impact assessment procedures applied by organizations such as the World Bank Group, the European Bank for Reconstruction and Development, the Inter-American Development Bank and the U. S. Export-Import Bank.
Projects that are to have significant adverse environmental or social impacts are disclosed to the public for a comment period of 60 days. In the American effort to rebuild Europe following World War II, it became clear to policy makers that private investment is a powerful generator of economic development and that there is an appropriate role for government in encouraging private investment where it has the potential to do the most good. Accordingly, the Marshall Plan authorized the U. S. government to insure private U. S. investors against the risk that earnings generated overseas in foreign currencies might not be convertible into U. S. dollars. This new tool—political
U.S. Securities and Exchange Commission
The U. S. Securities and Exchange Commission is an independent agency of the United States federal government; the SEC holds primary responsibility for enforcing the federal securities laws, proposing securities rules, regulating the securities industry, the nation's stock and options exchanges, other activities and organizations, including the electronic securities markets in the United States. 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, other statutes; the SEC was created by Section 4 of the Securities Exchange Act of 1933. The SEC has a three-part mission: to protect investors. To achieve its mandate, the SEC enforces the statutory requirement that public companies and other regulated companies submit quarterly and annual reports, as well as other periodic reports. In addition to annual financial reports, company executives must provide a narrative account, called the "management discussion and analysis", that outlines the previous year of operations and explains how the company fared in that time period.
MD&A will also touch on the upcoming year, outlining future goals and approaches to new projects. In an attempt to level the playing field for all investors, the SEC maintains an online database called EDGAR online from which investors can access this and other information filed with the agency. Quarterly and semiannual reports from public companies are crucial for investors to make sound decisions when investing in the capital markets. Unlike banking, investment in the capital markets is not guaranteed by the federal government; the potential for big gains needs to be weighed against that of sizable losses. Mandatory disclosure of financial and other information about the issuer and the security itself gives private individuals as well as large institutions the same basic facts about the public companies they invest in, thereby increasing public scrutiny while reducing insider trading and fraud; the SEC makes reports available to the public through the EDGAR system. The SEC offers publications on investment-related topics for public education.
The same online system takes tips and complaints from investors to help the SEC track down violators of the securities laws. The SEC adheres to a strict policy of never commenting on the existence or status of an ongoing investigation. Prior to the enactment of the federal securities laws and the creation of the SEC, there existed so-called blue sky laws, they were enacted and enforced at the state level and regulated the offering and sale of securities to protect the public from fraud. 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 found to be ineffective. For example, the Investment Bankers Association told its members as early as 1915 that they could "ignore" blue sky laws by making securities offerings across state lines through the mail. After holding hearings on abuses on interstate frauds, Congress passed the Securities Act of 1933, which regulates interstate sales of securities at the federal level.
The subsequent Securities Exchange Act of 1934 regulates sales of securities in the secondary market. Section 4 of the 1934 act created the U. S. Securities and Exchange Commission to enforce the federal securities laws; the Securities Act of 1933 is known as the "Truth in Securities Act" and the "Federal Securities Act", or just the "1933 Act". Its goal was to increase public trust in the capital markets by requiring uniform disclosure of information about public securities offerings; the primary drafters of 1933 Act were Huston Thompson, a former Federal Trade Commission chairman, Walter Miller and Ollie Butler, two attorneys in the Commerce Department's Foreign Service Division, with input from Supreme Court Justice Louis Brandeis. For the first year of the law's enactment, the enforcement of the statute rested with the Federal Trade Commission, but this power was transferred to the SEC following its creation in 1934. In 1934, Roosevelt named his friend Joseph P. Kennedy, a self-made multimillionaire financier and a leader among the Irish-American community, as the insider-as-chairman who knew Wall Street well enough to clean it up.
Two of the other five commissioners were Ferdinand Pecora. Kennedy added a number of intelligent young lawyers, including William O. Douglas and Abe Fortas, both of whom became Supreme Court justices. Kennedy's team defined the mission and operating mode for the SEC, making full use of its wide range of legal powers; the SEC had four missions. First and most important was to restore investor confidence in the securities market, which had collapsed because of doubts about its internal integrity, fears of the external threats posed by anti-business elements in the Roosevelt administration. Second, in terms of integrity, the SEC had to get rid of the penny-ante swindles based on fake i