There were precursors to this, but the SEC forces the difference between public and private securities and this is a very important distinction.

例如证交会强制界定了,公共券商与私募券商之间的差异,这是非常重要的划分

耶鲁公开课 - 金融市场课程节选

The SEC was very controversial at first because it was seen as interfering with business and the U.S. Has been built on principles of individual freedom; this seemed like unnecessary government intrusion.

起初,证券交易委员会引起了许多争议,因为人们认为它会干扰商业运作,个人自由是美国的立国之本,政府的干预似乎并非必要

耶鲁公开课 - 金融市场课程节选

But in fact, the SEC promoted the very free-market concepts that were widely believed in this country.

但事实上,SEC发扬了自由市场这一概念,而这一概念受到了广泛认同

耶鲁公开课 - 金融市场课程节选