The Securities Board began operations August 22, 1957.

The Agency began small and remains small today, with 95 authorized positions compared to 15 in the beginning. While the annual budget has grown from an initial $135,000 to more than $5.7 million per year, it is still one of the smaller budgets among Texas agencies. The Texas Securities Act enacted in 1957 has served Texas well, as it has been possible to adapt the statute "gracefully" to changes as they were needed.

The basic mission of the Agency as expressed by Chairman Maurice Bullock at the Board's first meeting, ". . . to encourage the free flow of capital in Texas while providing maximum protection to investors," remains unchanged. In 1957 Texas securities were shunned by many investors as a result of scandals. In 1968 the Agency first processed a billion dollars in securities filings in a single year. In 2006 the Securities Board authorized securities offerings almost 300 times that amount - $289 billion.

The Agency has been recognized as a leader among state securities regulators, and the reputation of securities issued or sold through Texas has afforded an abundance of opportunities for investors and a healthy source of capital for businesses.

The Agency's responsibility to license dealers and investment advisers has helped ensure the availability of qualified professionals whom Texans can call on to conduct securities transactions or provide investment advice. In 2006 nearly 192,000 individuals and businesses were authorized to sell securities or render investment advice in the state.

From the beginning, the Agency has had an active enforcement program to conduct investigations and bring administrative, civil, or criminal actions against violators, thereby providing a deterrent to others who might contemplate unlawful securities activities. In more recent years, the Agency has put in place an effective compliance program that periodically inspects dealers and investment advisers not routinely inspected by other entities. Most recently, a viable investor education program has been established; this activity should continue to grow in importance as increasing numbers of Texans seek to become informed investors.

One of the strengths of the Agency has been the stability in the office of the Securities Commissioner - five commissioners in the last half century.

William M. King	August 22, 1957 through November 15, 1969
Truman G. Holladay	November 16, 1969 through April 2, 1972
Roy W. Mouer	April 3, 1972 through January 2, 1977
Richard D. Latham	January 2, 1977 through September 30, 1993
Denise Voigt Crawford	October 1, 1993 through February 28, 2011
Benette L. Zivley	March 1, 2011 - November 2011
John Morgan	December 14, 2011 - present