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

Legislating for Reform

John Dingell

U.S. Representative John Dingell; courtesy of the Library of Congress

U.S. Representative John Dingell (D-MI), elected December 13, 1955 to fill the vacancy caused by the death of his father, has served in Congress longer than any other member in its history. During his career, he has represented his Detroit district, and promoted the interest of the automobile industry and its workers. On the House Committee on Energy and Commerce, he wields enormous influence over commercial and financial legislation. Representative Dingell has parlayed his long career to become one of the leading legislative experts on financial and commercial affairs.

Representative Dingell has often sparred with Administration, regulatory and industry officials. His sharply-worded and direct missives on issues of concern have come to be referred to as “Dingell-grams.” An example can be found in his December 11, 1986 letter to SEC Chairman John Shad. Referring to investor inquiries to his office and to new accounts regarding “guaranteed investment contracts” and certain tax-exempt bonds, Representative Dingell gave the SEC a short deadline to respond to several substantive issues. Dingell demanded to know whether these contracts “are, and if not, should (they) be regulated as mutual funds under the Investment Company Act of 1940,” how the instruments were marketed, with whom the risk lies, and if a particular issue of such bonds underwritten by Drexel Burnham Lambert, and involving Michael Milken were backed in the junk bond market. ¹¹

The extensive nature of the information sought and the power of Representative Dingell put enormous pressure on the SEC to respond to his requests. The demands from individual Representatives and Senators and from Congressional committees often complicated on-going investigations being conducted by the SEC.

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Footnotes:

(11) December 11, 1986 Letter from U.S. Representative John Dingell to SEC Chairman John S.R. Shad on guaranteed investment contracts (GICs).

Related Museum Resources

Papers

February 23, 1981: Letter from U.S. Representative John Dingell to SEC Chairman Harold M. Williams urging the SEC to require ITS and NASDAQ to implement automated interface
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
November 16, 1981: Letter from Representative John D. Dingell to SEC Chairman John S.R. Shad, protesting the discontinuance of the News Digest and SEC Docket
image pdf (Courtesy of the estate of John R. Evans; made possible through a gift from Quinton F. Seamons)
July 27, 1984: Letter to U.S. Representative John Dingell from SEC Chairman John Shad on HR 5881: Bill to Clarify Existing Law Concerning Powers and Regulation of Financial Institutions
image pdf (Courtesy of Stuart J. Kaswell)
September 18, 1985: Letter from U.S. Representative John Dingell to SEC Chairman John S.R. Shad, with information on complaint of Joan Hunt Smith against Shearson/Lehman American Express
transcript pdf (Courtesy of Stuart J. Kaswell)
July 8, 1986: Letter from U.S. Representative John Dingell to SEC Chairman John S.R. Shad requesting information on Shearson Lehman Brothers
image pdf (Courtesy of Stuart Kaswell)
July 9, 1986: Letter from Gary Lynch, SEC Division of Enforcement to U.S. Representative John Dingell on SEC v. First Jersey Securities and Robert E. Brennan
image pdf (Courtesy of Stuart Kaswell)
August 11, 1986: Letter from U.S. Representative John Dingell to SEC Chairman John S.R. Shad concerning no-action letter to Security Pacific National Bank
image pdf (Courtesy of an anonymous donor)
August 28, 1986: Letter from SEC Commissioner Charles Cox to U.S. Representative John Dingell, with SEC Division of Market Regulation report concerning complaint by Joan Hunt Smith
image pdf (Courtesy of an anonymous donor)
September 15, 1986: Letter from U.S. Representative John Dingell to Federal Reserve Chairman Paul Volcker concerning Security Pacific National Bank
image pdf (Courtesy of an anonymous donor)
September 15, 1986: Letter from U.S. Representative John Dingell to SEC Chairman John S.R. Shad concerning Security Pacific National Bank
image pdf (Courtesy of an anonymous donor)
October 21, 1986: Letter from SEC Chairman John S.R. Shad to U.S. Representative John Dingell on Security Pacific Bank's no-action request
transcript pdf (Courtesy of Stuart J. Kaswell)
October 27, 1986: Letter from Federal Reserve Chairman Paul Volcker to U.S. Representative John Dingell, with staff memo concerning Security Pacific National Bank
image pdf (Courtesy of an anonymous donor)
October 31, 1986: Letter from Joan Hunt Smith to U.S. Representative John Dingell with comments on SEC report
image pdf (Courtesy of an anonymous donor)
November 14, 1986: Letter from U.S. Representative John Dingell to SEC Chairman John S.R. Shad concerning Joan Hunt Smith
image pdf (Courtesy of an anonymous donor)
November 26, 1986: Letter from U.S. Representative John D. Dingell to Federal Reserve Chairman Paul A. Volcker on Security Pacific National Bank
image pdf (Anonymous)
November 26, 1986: Letter from U.S. Representative John Dingell to SEC Chairman John S.R. Shad concerning Security Pacific National Bank
image pdf (Courtesy of an anonymous donor)
December 1, 1986: Letter from Patrick F. Healy, Chicago Crime Commission to U.S. Representative John Dingell commending his assistance to Joan Hunt Smith
image pdf (Anonymous)
December 11, 1986: Letter from U.S. Representative John Dingell to SEC Chairman John S.R. Shad on guaranteed investment contracts (GICs)
image pdf (Courtesy of an anonymous donor)
February 5, 1987: Letter from Richard Ketchum, SEC Division of Market Regulation to U.S. Representative John Dingell concerning Joan Hunt Smith
image pdf (Courtesy of an anonymous donor)
March 3, 1987: Remarks of U.S. Representative John Dingell before the Securities Industry Association Annual Government Relations Meeting
image pdf (Courtesy of an anonymous donor)
March 23, 1987: Letter from U.S. Representative John Dingell to SEC Chairman John S.R. Shad on financial disclosures by defense contractors
transcript pdf (Courtesy of Stuart Kaswell)
July 20, 1987: Letter from Richard Greenfield, Greenfield & Chimicles to U.S. Representative John Dingell on complaint of City of Chester, Pennsylvania against Matthews & Wright underwriting firm
image pdf (Courtesy of an anonymous donor)
April 22, 1988: Letter from SEC Chairman David S. Ruder to U.S. Representative John D. Dingell on Corporation for Small Business Investment Charter Act
image pdf (Anonymous)
June 3, 1988: Letter from U.S. Representative John LaFalce to U.S. Representative John Dingell on Corporation for Small Business Investment (COSBI) Charter Act
image pdf (Anonymous)
December 20, 1989: Letter from U.S. Representative John D. Dingell to SEC Chairman Richard C. Breeden protesting Commission vote
transcript pdf (Anonymous)
September 10, 1990: SEC response to U.S. Representative John Dingell on proposal from Fidelity Management & Research Company
image pdf (Anonymous)
October 9, 1990: Letter from U.S. Representative John Dingell to SEC Chairman Richard Breeden opposing SEC decision on Fidelity request
image pdf (Anonymous)
March 6, 1992: Letter from U.S. Representative John Dingell to SEC Chairman Richard Breeden on inquiry into payment for order flow
transcript pdf (Anonymous)
November 1, 1995: Letter from U.S. Representative John Dingell to U.S. Representative Peter Deutsch on bipartisan compromise agreement on securities litigation reform
image pdf (Anonymous)