The Great Depression in the United States of the 1930s hit the region hard, with high unemployment in the industrial cities. The Boston Stock Exchange rivaled the New York Stock Exchange in 1930. In the beginning of 1930 John C. Hull, first Securities Director of Massachusetts (1930-36), helped to mitigate the consequences of the Wall Street Crash of 1929 and the Great Depression. He was helpful in the passing of the Securities Exchange Act of 1934 with his war on "unlisted securities".  Hull gave testimony to the US Senate (Sen. Duncan Upshaw Fletcher) for work on the Pecora Commission, which revealed that neither Albert H. Wiggin (born in Medfield, MA) nor J. P. Morgan Jr. had paid any income taxes in 1931 and 1932; a public outcry ensued.