The New Deal and Recovery, Part 13: Fear Itself (Continued)
New Deal hampered recovery by causing businessmen to fear policy changes that might render their investments unprofitable.) Insull's Monstrosity The 1935 Revenue Act wasn't the only measure that had businessmen and investors shuddering that August. Less than a week after it became law, FDR signed the still-more controversial Public Utility Holding Company Act, granting the SEC the power to break up the nation's utility holding companies. On the eve of the Depression, Paul Mahoney explains, most U.S. electric and gas companies were directly controlled by trusts or holding companies. Groups of ...
Source: cato.org