The business community moved against Rayburn in his own committee, and almost beat him there. He had to use every ounce of persuasiveness he possessed—and every lever of power—to break the revolt in the committee. Then, in angry scenes on the House floor, he compromised and compromised and compromised again—and never compromised on the crucial point. He maneuvered like a master in another conference committee. And the Securities Exchange Act of 1934 joined the Securities Act of 1933 on the nation’s statute books.
