Pecora hearings on Wall Street practices

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The Pecora hearings on Wall Street practices were a series of early 1930s U.S. Senate investigations into stock market abuses and financial corruption that exposed widespread misconduct in the banking industry and helped spur major New Deal financial reforms.

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Pecora hearings on Wall Street practices canonical 1

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Predicate Object
instanceOf United States Senate investigation
congressional hearing
financial scandal investigation
aimedAt curbing speculative abuses
protecting small investors
restoring confidence in the financial system
appliesToJurisdiction United States
causeOf Glass–Steagall Act
Securities Act of 1933
Securities Exchange Act of 1934
creation of the Securities and Exchange Commission
chairperson Duncan U. Fletcher
chiefCounsel Ferdinand Pecora
country United States
describedBySource U.S. Senate Committee on Banking and Currency records
endTime 1934
genre public inquiry
hasEffect increased public distrust of Wall Street
strengthening of federal financial regulation
support for New Deal financial reforms
hasPart investigation of Wall Street practices
investigation of banking industry misconduct
investigation of stock market abuses
historicalPeriod early 1930s in the United States
legislativeBody United States Senate
location Washington, D.C.
mainSubject commercial banking
financial corruption
investment banking
securities industry
stock market regulation
namedAfter Ferdinand Pecora
partOf early New Deal reform efforts
response to the Wall Street Crash of 1929
pointInTime Great Depression
significantEvent exposure of insider loans to bank officers
exposure of stock market manipulation
revelation of securities sales abuses
revelation of tax avoidance by bankers
significantParticipant Charles E. Mitchell
Chase National Bank
linked to: Chase Bank

Ferdinand Pecora
J. P. Morgan Jr.
J.P. Morgan & Co.
linked to: JPMorgan Chase

Kuhn, Loeb & Co.
National City Bank of New York
startTime 1932

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Creation of the Securities and Exchange Commission influencedBy Pecora hearings on Wall Street practices