What was a significant function of the Securities and Exchange Commission (SEC) established in 1934?

The Securities and Exchange Commission (SEC), established in 1934, was created in response to the stock market crash of 1929 and the subsequent Great Depression. Its primary purpose is to regulate the securities industry, which includes overseeing stock exchanges and punishing fraud in securities trading. This function is crucial for maintaining investor confidence and protecting the integrity of the financial markets.

By enforcing regulations designed to prevent misleading practices and ensuring that companies provide transparent information to the public, the SEC helps to create a fair playing field for all investors. This oversight is vital for promoting stability and trust in the financial system, which are essential for the economy's overall health.

The other options do not accurately reflect the SEC's role. Supervising commercial banks pertains more to the functions of institutions like the Federal Reserve and the Office of the Comptroller of the Currency. Managing agricultural production is related to the Department of Agriculture, while conducting labor union elections is the responsibility of the National Labor Relations Board (NLRB). Each of these areas falls under different regulatory bodies with distinct functions, underscoring the importance of the SEC's specific mission in financial regulation.