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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 smaller utility holding companies were in turn controlled by a smaller number of larger holding companies, and so on for several layers. Three gigantic holding companies at the apex of this holding company pyramid ultimately controlled more than 80 percent of the nation s power companies.

United statesNew yorkFrance generalCity of washingtonMadison squareSam insullFloyd thompsonKenneth roosePaul mahoneyEllen mcgrattanSamuel insullRay moleyWillard thorpTroy howardNational power policy committeePublic utility holding company