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110445 1 (1979-09-21)

handle is hein.gao/gaobadyik0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON, D.C. 20548 FOR RELEASE ON DELIVERY EXPECTED AT 10:00 A.M. 110445 FRIDAY, SEPTEMBER 21, 1979 STATEMENT OF D. L. SCANTLEBURY DIRECTOR, FINANCIAL AND GENERAL MANAGEMENT STUDIES DIVISION BEFORE THE HOUSE COMMITTEE ON INTERSTATE AND FOREIGN COMMERCE SUBCOMMITTEE ON OVERSIGHT AND INVESTIGATIONS AND SUBCOMMITTEE ON CONSUMER PROTECTION AND FINANCE r ON23 THE COMPTROLLER GENERAL'S REPORT: [MPROVEMENTS NEEDED IN THE SECURITIES AND EXCHANGE COMMISSION'S EFFORTS TO ESTABLISH A NATIONAL SECURITIES MARKETJ _ Mr. Chairmen and Members of the Committee: We are pleased to be here to discuss with you our recent report on management improvements needed to guide the Securities and Exchange Commission's efforts to establish a national market system for trading securities. In 1975, the Congress passed the Securities Acts Amend- ments of 1975, which directed the Securities and Exchange Commission to bring about a national market system for trading securities. The purpose of this act was to assure that all buyers and sellers of securities, regardless of their geographic location, would have the opportunity to get the best price when they trade securities. The Congress provided the Commission with broad, clear power and discretion to shape a system that met congressional ob3ectives. These ob3ectives were to assure that: --securities transactions are executed economically and I Iqq7

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