Frank M. Wheat 

FRANCIS M. WHEAT - 1998 Recipient

ASECA is proud to announce that Francis M. Wheat has been selected as the sixth recipient of the William O. Douglas Award.

Mr. Wheat's career has been distinguished by his service to his country, his profession and the securities industry. After college, Mr. Wheat served his country as an officer in the United States Navy during World War II. When peace returned, he attended Harvard Law School. Following graduation, Mr. Wheat entered private practice eventually becoming a partner at Gibson, Dunn & Crutcher in Los Angeles, California.

In 1964, Mr. Wheat returned to public service when he was appointed a Commissioner of the Securities and Exchange Commission. In November 2967, when the Commission created a group to study the extent to which disclosure could improve the ambit of the Commission's rule-making power, it called upon Commissioner Wheat to chair the group. The group's report "SEC Disclosures to Investors - A Reappraisal of Federal Administrative Policies Under the 1933 and 1934 Acts," forever known as the Wheat Report, is a milestone document in the history of the Commission, laying the groundwork for today's integrated disclosure system. After leaving the Commission, Mr. Wheat returned to Los Angeles, California, rejoining Gibson, Dunn & Crutcher. There he continued to serve the securities industry in such roles as a member of the Board of Governors of the NASD, and a member of the Legal Advisory committee of the New York Stock Exchange. In 1975-1976, Mr. Wheat served as President of the Los Angeles Country Bar Association.