1942-1953

Proxy Access Initiative

1942

The U.S. Securities and Exchange Commission proposed revisions to rules governing proxy access, allowing shareholders greater role in the nomination of directors. Widely opposed by business, the changes were not adopted.

SEC Limits NASD Discipline

1944

In its Public Service Company of Indiana decision, the U.S. Securities and Exchange Commission overruled a National Association of Securities Dealers disciplinary measure, finding that enforcing minimum prices was not a legitimate role for a self-regulatory organization.

SEC v. W.J. Howey

1946

The U.S. Supreme Court's decision in SEC v. W.J. Howey defined a "security" under federal securities laws. It provided for the test for the existence of an "investment contract," one of the most important instruments listed in the statutory definition of a security.

Hoover Commission Report

1947

The Commission on Organization of the Executive Branch of the Government, known as the Hoover Commission after its chair, former President Herbert Hoover, reported that the U.S. Securities and Exchange Commission had a backlog of unreviewed corporate reports and was unable to examine brokers on an annual basis, in part due to the shrinkage of the agency's staff and budget following World War II.

Tucker Corporation Investigation

1949

As part of the U.S. Securities and Exchange Commission's investigation of start-up automobile manufacturers following World War II, Preston Tucker and executives of the Tucker Corporation were indicted in federal court. The government contended that Tucker, while raising over $15 million through an initial stock offering and dealership sales, never intended to produce a car. While the court found the defendents not guilty, the Tucker Corporation went out of business.

Korean War

1950

The Korean War was a war between North Korea and South Korea. The war began on 25 June 1950 when North Korea invaded South Korea following clashes along the border and insurrections in the south. The war ended unofficially on 27 July 1953 in an armistice.

Twenty-second Amendment limits the President to two terms

1951

No person shall be elected to the office of the President more than twice, and no person who has held the office of President, or acted as President, for more than two years of a term to which some other person was elected President shall be elected to the office of President more than once.

Dwight Eisenhower elected President

1952

The 1952 United States presidential election was the 42nd quadrennial presidential election. It was held on Tuesday, November 4, 1952. Republican Dwight D. Eisenhower won a landslide victory over Democrat Adlai Stevenson, ending a string of Democratic Party wins that stretched back to 1932.