In the 1920s, a lot of bogus stuff was sold -a lot of people were cheated -so after the stock market crash of 1929, it led to a movement for regulation.

在上世纪20年代,很多不合规的股票流入市场,很多人受骗,所以1929年的股市大崩盘,促使政府采取了一系列加强金融监管的行动

耶鲁公开课 - 金融市场课程节选

Basically, what it did was it made it feel that people wouldn't get cheated; the SEC was a strong regulator and it really did restore confidence in the financial markets in this country.

证券交易委员会的辛勤付出,使人们感到不会受骗,证券交易委员会是一个强大的监管机构,它也重塑了,这个国家对金融市场的信心

耶鲁公开课 - 金融市场课程节选