Nothing less is involved than to keep Wall Street in its place, to furnish a counterpoise against its aggrandisement of power, by which the Street all along the line resists efforts by the government for the common interest. And so plainly, you need administrators who are equipped to meet the best legal brains whom Wall Street always has at its disposal, who have stamina and do not weary of the fight, who are moved neither by blandishments nor fears, who in a word, unite public zeal with unusual capacity.
Advice from Felix Frankfurter to President Franklin Roosevelt on staffing the newly-formed SEC, in a letter dated May 23, 1934, but also sound strategic advice to apex regulators today.
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