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

Legislating for Reform

Carl Albert

1971 Speaker of the House Carl Albert (lower right) with constituents on the steps of the U.S. Capitol; courtesy of the Carl Albert Center, University of Oklahoma

Carl Albert, affectionately known as the “little giant” (he stood 5 feet 4 inches), served as U.S. Representative (D-OK) from 1947 to 1977 and as Speaker of the House during some of our nation’s most difficult times during the Seventies. His archive demonstrates the serious and substantial nature of the economic issues of the nation during his Speakership.

The connection of the public to their representatives is not new; from the inception of our republic, citizens have petitioned Congress. Yet there is something distinctive that appears in the papers of Speaker Albert -- courtesy, a respect for difference of opinion, and clarity of purpose on issues. The correspondence between Speaker Albert and his constituents seems less contentious and more open to compromise than current times.

One letter from Cecil Martin, who calls himself “an average person,” begins by invoking “Gods (sic) blessings upon you, your family, and by the time you get this your new job as Speaker of the House” before it questions whether “all the people who must vote on these complicated issues really understand them completely.” Complaining about “riders” in bills, Mr. Martin wonders why that process occurs, suggesting that “a major bill should stand or fall on its own merits.” ⁶

A telegram sent to President Nixon and copied to Speaker Albert complained about the 1969-1970 stock market crash as “tragic and disastrous to most investors.” At the copied line on the letter, Speaker Albert underlined his name, and in his handwriting wrote “Please Assist. C.A.A. Jr.” ⁷

Speaker Albert gave his personal attention to letters from citizens across the country on all manner of issues, including Citicorp bonds, federal monetary policy, individual investment concerns, the Investment Advisers Act and consumer protection. His constituent letters were courteous and clear replies that detailed his positions, regardless of his agreement or disagreement with his fellow citizens’ concerns.

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Footnotes:

(6) December 30, 1970 Letter to U.S. Representative Carl Albert from Cecil Martin on legislative process .

(7) November 12, 1971 Telegram to President Nixon from L. Burton Hunt, Jr., seeking corrective action to stock market.

Related Museum Resources

Papers

December 30, 1970: Letter to U.S. Representative Carl Albert from Cecil Martin on legislative process
transcript pdf (Carl Albert Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
November 12, 1971: Telegram to President Nixon from L. Burton Hunt, Jr. seeking correction action to stock market
transcript pdf (Carl Albert Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
January 7, 1972: Letter to Speaker of the House Carl Albert with complaint on World Market Centers fraud
image pdf (Carl Albert Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
February 1972: Letter to U.S. Representative Carl Albert from Wilma Deyette on securities fraud
transcript pdf (Carl Albert Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
February 16, 1972: Letter to Speaker of the House Carl Albert from Esta Malone on World Market Centers fraud
image pdf (Carl Albert Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
February 25, 1972: Letter to Speaker of the House Carl Albert from SEC Chairman William Casey in response to complaint from Wilma Deyette
image pdf (Carl Albert Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
May 7, 1973: Letter to Speaker of the House Carl Albert from Joanne Passaro on Watergate
transcript pdf (Carl Albert Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
September 25, 1973: Letter to Speaker of the House Carl Albert from Vice President Spiro Agnew requesting House inquiry
image pdf (Carl Albert Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
April 1974: Warning from Howard Williams to oil industry of changes in Commodity Exchange Act
image pdf (Carl Albert Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
April 21, 1974: Memo to Speaker of the House Carl Albert of Alan Boyd's support of Commodity Exchange Act
image pdf (Carl Albert Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
April 24, 1974: Letter to Speaker of the House Carl Albert from H.M. Nichols, Jr., Nichols Casing Crew in opposition to Commodity Exchange Act
image pdf (Carl Albert Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
July 1974: Telegram to Speaker of the House Carl Albert from Donald Thomas, Anchor Savings Bank opposing proposed Citicorp issue
transcript pdf (Carl Albert Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
July 3, 1974: Letter to Donald Thomas, Anchor Savings Bank from Speaker of the House Carl Albert on Citicorp
transcript pdf (Carl Albert Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
July 3, 1974: Memos to Speaker of the House Carl Albert on appeal from National Farmers Organization against SEC action
image pdf (Carl Albert Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
July 11, 1974: Letter to Speaker of the House Carl Albert from Donald Thomas, Anchor Savings Bank in opposition to Citicorp
image pdf (Carl Albert Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
August 30, 1974: Memo to Democratic Whip on summit conference on economics
image pdf (Carl Albert Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
September 24, 1974: Letter to Speaker of the House Carl Albert from Embree Easterly, Independent Bankers Association of America on concentration of economic power among banks
image pdf (Carl Albert Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
January 2, 1975: Letter to Speaker of the House Carl Albert from U.S. Representative Jim Wright with draft: To Revive the Economy: A Congressional Program of Action
image pdf (Carl Albert Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
March 14, 1975: Note to Speaker of the House Carl Albert from William Buechner with floor speech of U.S. Representative Henry Reuss on Federal Reserve easing of monetary policy
transcript pdf (Carl Albert Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
March 21, 1975: Letter to Speaker of the House Carl Albert from Virgil Smith, Farmers State Bank opposing financial reform package
image pdf (Carl Albert Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
April 8, 1975: Letter to Speaker of the House Carl Albert from Richard Wade opposing expansion of SEC power
image pdf (Carl Albert Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
April 18, 1975: Letter to Speaker of the House Carl Albert from Howard Jacobs requesting timely passage of securities industry bill
image pdf (Carl Albert Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
April 23, 1975: Letter to Howard Jacobs from Speaker of the House Carl Albert on scheduling of vote on securities industry bill
transcript pdf (Carl Albert Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
October 20,1975: Letter to Speaker of the House Carl Albert from Gene Wheeler, The Security National Bank opposing bill for savings and loan associations
image pdf (Carl Albert Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
1975: Interstate and Foreign Commerce, Oversight and Investigations Subcommittee Reports: Economic Proposals, Regulatory Agencies, Health, Consumer Protection, Energy
image pdf (Carl Albert Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
January 2, 1976: Letter to Speaker of the House Carl Albert from George E. Nowotny, Jr., Bank of Oklahoma in opposition to financial institutions bill
image pdf (Carl Albert Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
January 7, 1976: Letter to Speaker of the House Carl Albert from Ivan Owen, Lucky Stores, Inc. in opposition to SEC accounting rules
image pdf (Carl Albert Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
March 31, 1976: Letter to Speaker of the House Carl Albert from Ben T. Walkingstick, Jr., Union National Bank in opposition to Financial Reform Act
image pdf (Carl Albert Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
July 19, 1976: Letter to Speaker of the House Carl Albert from A. Emmet Stephenson, Jr. in opposition to amendments to Investment Advisors Act
image pdf (Carl Albert Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
July 26, 1976: Letter to A. Emmet Stephenson, Jr. from Speaker of the House Carl Albert regarding Investment Advisors Act Amendments
transcript pdf (Carl Albert Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)
November 30, 1976: Democratic Study Group Special Report: Reform in the House of Representatives
image pdf (Carl Albert Papers, courtesy of the Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, Oklahoma)