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The Mechanics of Legislation: Congress, the SEC and Financial Regulation

Legislating for Reform

Tom Steed and "Mickey" Edwards

Pictured with Congressman Steed, left to right: Mrs. Helen Bailey of Wewoka, Ted Savage, manager of Ada Chamber of Commerce, Ranee Foster, Bristow, and Don Powers, Chandler. Powers was administrative assistant and Ms. Bailey and Ms. Foster were staff secretaries; courtesy of the Carl Albert Center, University of Oklahoma.

U.S. Representative Tom Steed (D-OK) served in Congress from 1949 to 1980. During much of his career, he served as Chairman of the House Small Business Committee, dealing with many aspects of financial regulation. Marvin “Mickey” Edwards served as a Republican U.S. Representative from Oklahoma from 1977 until 1993. These Representatives were symbolic of many members of Congress who addressed public concerns about substantial financial issues during their terms. They relied on their experienced staff to respond to the numerous questions from their constituents and from industry representatives.

In 1978, with Congress debating the Financial Institutions Regulatory Act, Representative Steed received a letter from Ivan Fugate of the Independent Bankers Association of America, a leading industry interest group representing mainly small and medium-sized banks. Mr. Fugate expressed his opposition to the bill as “we see only a vast augmentation of the powers of the bureaucracy flowing from it.” Calling it “an incredibly complex 200-page bill,” Fugate urged Representative Steed to oppose the legislation, or to make specific amendments to it, which he obligingly provided .⁴

No Representative or Senator has the time to personally review and respond to the correspondence of every constituent. However, that correspondence must be answered in order to maintain contact and good relations with voters. Congressional staffs review each correspondence and then draft, often with the input of the Representative or Senator, individualized replies. In addition, on more intricate legislative matters such as proposed amendments, Congressional staff may prepare memos to their Representative or Senator which explain both the legislative and political impact of the proposals. During the debate on financial modernization, staff for Representative Edwards prepared a one-page memo detailing the various legislative proposals on expanded banking powers. That memo advised Representative Edwards of the basic details of the proposals, but more importantly, advice about the political prospects of the bills. One memo advised that “[t]he Administration would like to go further but has indicated it would support bank expansion into the securities business as a first step.” It warned that all interested parties understood that to “tackle bank expansion into r.e. (real estate) and insurance would invite such strong opposition that the banks could end up with no bill at all or further restrictions than they have now.” ⁵

In many respects, competent and experienced Congressional staff became essential cogs in the legislative machinery. For both Representatives Steed and Edwards, who served long terms in Congress, the staff who served with them became experts in those financial regulatory matters handled by the committees on which the Representatives served. Their staff became familiar with industry lobbyists and the positions of their organizations, and worked closely with the experts on the regulatory agencies administering the laws. This collaboration made Representatives like Steed and Edwards experts in their own right on the financial regulatory matters considered by Congress during their careers.

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Footnotes:

(4) September 15, 1978 Letter to U.S. Representative Tom Steed from Ivan Fugate, Independent Bankers Association of America recommending changes to Financial Institutions Regulatory Act of 1978.

(5) February 11, 1988 Memo to U.S. Representative Mickey Edwards on expanded bank powers.

Related Museum Resources

Papers

July 22, 1977: Letter to U.S. Representative Tom Steed from William Lovett, National Coalition for the Consumer Protection Agency
image pdf (Tom Steed Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
August 2, 1977: Letter to U.S. Representative Tom Steed from Esther Peterson in support of proposed agency for consumer protection
image pdf (Tom Steed Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
September 6, 1977: Letter to U.S. Representative Tom Steed from Esther Peterson on study of public participation in regulatory agency proceedings
image pdf (Tom Steed Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
February 1, 1978: Letter from members of Congress in support of Office of Consumer Representation
image pdf (Tom Steed Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
September 15, 1978: Letter to U.S. Representative Tom Steed from Ivan Fugate, Independent Bankers Association of America recommending changes to Financial Institutions Regulatory Act of 1978
image pdf (Tom Steed Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
September 20, 1978: Letter to Ivan Fugate, Independent Bankers Association of America from U.S. Representative Tom Steed on Financial Institutions Regulatory Act of 1978
transcript pdf (Tom Steed Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
August 23, 1979: Letter to U.S. Representative Mickey Edwards from E. Paul Bowerman in support of dividends reinvestment bill
transcript pdf (Mickey Edwards Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
October 25, 1979: Letter to E. Paul Bowerman from U.S. Representative Mickey Edwards in support of dividends reinvestment bill
transcript pdf (Mickey Edwards Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
July 28, 1980: Letter to Rod Miller from U.S. Representative Mickey Edwards in support of premiums with deposits
transcript pdf (Mickey Edwards Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
August 29, 1983: Letter to U.S. Representative Mickey Edwards from Sam Munhollon with concerns on Financial Institutions Deregulation Act of 1983
image pdf (Mickey Edwards Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
October 19, 1983: Letter to Sam Munhollon from U.S. Representative Mickey Edwards on Financial Institutions Deregulation Act of 1983
transcript pdf (Mickey Edwards Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
January 30, 1986: Letter to U.S. Representative Mickey Edwards from Lynn Rogers on 1985 Tax Reform Act
image pdf (Mickey Edwards Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
March 12, 1986: Letter to U.S. Representative Mickey Edwards from Hugh Jones opposing bond prohibitions
image pdf (Mickey Edwards Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
April 9, 1986: Letter to U.S. Representative Mickey Edwards from Mike Shafer, Rasor-West supporting tax reform
image pdf (Mickey Edwards Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
June 5, 1986: Letter to U.S. Representative Mickey Edwards from Ralph Brockman supporting tax reform
image pdf (Mickey Edwards Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
July 1, 1986: Letter to U.S. Representative Mickey Edwards from Kathleen Berlman supporting tax reform
image pdf (Mickey Edwards Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
October 2, 1986: Letter to U.S. Representative Mickey Edwards from R.H. Clements, Clements Food Co. on tax reform
image pdf (Mickey Edwards Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
November 22, 1986: Letter to U.S. Representative Mickey Edwards from Bruce Bates opposing new tax law
image pdf (Mickey Edwards Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
June 29, 1987: Letter to U.S. Representative Mickey Edwards from Robert Boswell, Adams Affiliates, Inc. on greenmail legislation
image pdf (Mickey Edwards Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
August 7, 1987: Letter to U.S. Representative Mickey Edwards from Lynn Hodson opposing tax on securities transactions
transcript pdf (Mickey Edwards Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
September 4, 1987: Letter to U.S. Representative Mickey Edwards from Maxine Croley, Smith Barney opposing securities transaction excise tax
image pdf (Mickey Edwards Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
February 11, 1988: Memo to U.S. Representative Mickey Edwards on expanded bank powers
image pdf (Mickey Edwards Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
October 18, 1989: Letter to Bruce Bates from U.S. Representative Mickey Edwards on index trading
image pdf (Mickey Edwards Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
November 10, 1989: Letter to U.S. Representative Mickey Edwards from W.D. Esler on market volatility
transcript pdf (Mickey Edwards Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
November 27, 1989: Letter to U.S. Representative Mickey Edwards from Roy Hanson, Prague National Bank on community bank regulation
image pdf (Mickey Edwards Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
January 4, 1990: Letter to U.S. Representative Mickey Edwards from John Pearson, Guthrie Cotton Oil Company on futures marketplace
image pdf (Mickey Edwards Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
January 17, 1990: Letter to U.S. Representative Dave McCurdy from David Been, Oklahoma Police Pension & Retirement System supporting legislation on computer trading
image pdf (Mickey Edwards Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
January 23, 1990: Letter to U.S. Representative Mickey Edwards from J.W. Moore on market volatility
transcript pdf (Mickey Edwards Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
July 24, 1990: Letter to U.S. Representative Mickey Edwards from Douglass Brazell on computer trading
image pdf (Mickey Edwards Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
August 28, 1990: Letter to U.S. Representative Mickey Edwards from Doyal Gregg on investor protection
image pdf (Mickey Edwards Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
October 29, 1991: Letter to U.S. Representative Mickey Edwards from C. Kendric Fergeson, National Bank of Commerce on banking reform bill
image pdf (Mickey Edwards Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
June 8, 1992: Letter to U.S. Representative Mickey Edwards from J. Paul Cunningham, Merit Advisors, Inc. on registration fees
image pdf (Mickey Edwards Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
June 16, 1992: Letter to J. Paul Cunningham, Merit Advisors, Inc. from U.S. Representative Mickey Edwards on securities fee legislation
image pdf (Mickey Edwards Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
August 26, 1992: Letter to U.S. Representative Mickey Edwards from Stanley Erwin in support of Securities Private Enforcement Reform Act of 1992
image pdf (Mickey Edwards Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
September 10, 1992: Letter to U.S. Representative Mickey Edwards from Rick Dugan in support of securities legislation reform
image pdf (Mickey Edwards Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
September 14, 1992: Letter to Stanley Erwin from U.S. Representative Mickey Edwards on Securities Private Enforcement Reform Act of 1992
image pdf (Mickey Edwards Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
September 18, 1992: Letter to U.S. Representative Mickey Edwards from Pamela Mitchell in support of Securities Private Enforcement Reform Act of 1992
image pdf (Mickey Edwards Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
September 21, 1992: Letter to U.S. Representative Mickey Edwards from Richard Coshow, KPMG Peat Marwick in support of Securities Private Enforcement Reform Act of 1992
image pdf (Mickey Edwards Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)