What are you talking about? Read some history prior to the 4 years of the SEC.

Look at the suggested reforms the SEC was supposed to undertake AS IDENTIFIED BY CONGRESS. Then look at what actual reforms where implemented.

I'll help you out - almost none. The SEC has had a monopoly on financial market regulation since the 1930s and is just now becoming a victim to the cultural side affects of this monopoly. Shit, I actually think the SEC has done a phenomenal job regarding this and all other aspects of their job.