Unfortunately, the majority of professional historical research has become intertwined with Woke ideology, rendering it essentially worthless. However, there is still value in empirically grounded research that focuses on change over time. This type of research can provide policymakers with important insights, if they are wise enough to pay attention.
In 2025, new policymakers may decide that it is in the best interest of the American people to dismantle the administrative state. This includes the hundreds of federal government bureaucracies that can negatively impact the lives and livelihoods of individual Americans with their administrative rules and poorly conceived “guidance.” Before this process can begin, it is necessary to understand the problems caused by the administrative state and how it grew to its current proportions.
A recent visit to the National Archives and Records Administration (NARA II) in College Park, Maryland shed light on the current condition of Washington’s Deep State swamp and how it became so murky. However, accessing the records at the Securities and Exchange Commission (SEC) required extensive preparation. Freedom of Information Act (FOIA) requests had to be filed with the SEC, even though our status as academic researchers entitled us to fee exemption. Despite filing an appeal, the SEC was uncooperative, providing little assistance and effectively dismissing our appeal. They also requested additional information for a fee waiver, despite already being entitled to it due to their failure to respond within the required timeframe. It was clear that the SEC did not want to set a precedent by granting a fee waiver for our research, particularly given our previous publication exposing their complicity in the 2008 global financial crisis.
The process at NARA II was kafkaesque. We were informed that in addition to the SEC, we also had to file a FOIA request with the National Archives before accessing certain boxes. It was absurd to have to file a request with a government agency dedicated to sharing information about the government. It was subsequently discovered that out of the 123 boxes referenced by the SEC, only nine remained. However, these boxes contained tens of thousands of documents arranged somewhat chronologically.
Physical and psychological barriers were present at NARA II. Strict protocols had to be followed, including presenting identification, going through security, signing in, obtaining a registration card, storing belongings in lockers, joining a queue, scanning a QR code, proving the nature of our devices, and waiting for our name to appear on a monitor. Even after obtaining the boxes, additional permission was required to take photographs of the documents. Exiting the building also required additional screenings and scans to protect the files from damage or theft.
Despite these barriers and the disorganized nature of the files, we were able to find the desired information and more. Our research revealed that women were involved in the securities markets as early as the 1930s, both as investors and brokers. Some faced legal troubles with the SEC for not following regulations, while others acted as influencers for fraudulent individuals. Miss Olga M. Steig, a Progressive with experience in Wisconsin’s Blue-Sky securities law bureaucracy, was one of the SEC’s key early staff members. Female employees at the SEC primarily held clerical positions, with some instances of unfair treatment based on compensation and promotions.
The archives showed how the SEC managed to grow over the years, despite initial opposition. They ran a PR campaign to garner positive media coverage and sent reports and releases to influential individuals. The SEC took partial credit for the success of World War II, claiming that their protections provided confidence for investors to purchase stocks and bonds. They also used their annual report as a means to celebrate their own achievements and disseminated it to various media, business, and political figures.
In conclusion, the historical research process and access to records at institutions like NARA II and the SEC can be complex and laden with challenges. However, with determination and persistence, valuable insights can still be gained from these archives.
