ANDREW M. KLEIN WAS INTERVIEWED BY RICHARD ROWE OF THE SECURITIES AND EXCHANGE COMMISSION HISTORICAL SOCIETY ON OCTOBER 15, 2002
Mr. Klein was the former Director of the Division of Market Regulation at the SEC.
THIS IS A MEMORIAL WEBSITE. THE SECTION QUOTED BELOW IS TAKEN VERBATIM from The Securities and Exchange Commission Historical Society. PLEASE VISIT THE LINK AT THE BOTTOM OF THE PAGE TO VIEW THE ENTIRE ARTICLE. IT IS A VERY GREAT SORROW FOR THE REMAINING FAMILY OF RAY GARRETT THAT HE IS NOT ALIVE TO PARTICIPATE IN THESE INTERVIEWS. AS A LOVER OF HISTORY (HIS MAJOR AT YALE), HE WOULD HAVE ENTHUSIASTICALLY SUPPORTED THE FOUNDING OF THE HISTORICAL SOCIETY AND PARTICIPATED WHOLEHEARTEDLY IN HIS OWN INTERVIEW.

p. 4,5
RR: Bill Casey? Was he still there when you got there?

AK: He was out. We were between Chairmen. I think this was in the [G. Bradford] Brad Cook distrace period. There was no chairman. We were anxiously awaiting the arrival of Ray Garrett [Jr.] from Chicago, who became a wonderful chairman of the Commission and whose fellow Commissioners all were a distinguished group."

p. 14
RR: Well, Ray Garrett wasn't a market person. He had actually come out of the public utility holding company group, when he was at the Commission. Did he just sort of give Market Reg its head and let them go, or ...?

AK: Well, that would be putting it too strongly. As I mentioned, as a result of the fixed commission rate hearings and market structure inquiries that were ongoing before I even got there, and the whole process of formulating the Securities Acts Amendments, there was enormous complexity and growth associated with all of these ideas. There was some resolution and some direction in the Securities Acts Amendments of '75, but no menu of complete answers. It was hard to come on board as chairman with all that a chairman has to do and somehow suddenly become expert in all those things. I mean, that wasn't realistic to ask for..

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