The first is the Securities and Exchange Act of 1934, which regulated aftermarket trading of securities in the stock market. The second stabilizer is the Wheeler-Rayburn Act, also known as the Public Utility Holding Company Act, which allowed the Securities and Exchange Commission to regulate electric utilities. The third is the Glass-Steagall Banking Act, which prohibited commercial banks from taking part in investment banking activities. And the last stabilizer, the Federal Deposit Insurance Corporation, increased the oversight the federal government had over state banks. Biles believed that these four "stabilizers" "created a solid economic foundation that would work well for decades to come," deeming the New Deal a success.