With the continuing rise in high-profile securities broker fraud cases, the Securities and Exchange Commission ("SEC"), which is the federal agency created by the Securities Exchange Act of 1934 in order to regulate the securities industry, has embarked upon stricter rules and regulations in an attempt to curtail fraud. For example, in 2004, the SEC established a voluntary program for the regulation of major U.S. securities firms as consolidated supervised entities. These firms are primarily involved in the securities industry, and contain large broker-dealer units. The SEC takes a closer look at these firms by examining and approving their internal controls against fraud and other illegal activities, and monitors the firms for any institutional weaknesses that might lead to fraud. These firms, in turn, must maintain certain levels of internal controls and precautions against illegal activity, as well as keeping sufficient capital levels to cover its commitments, even in an economic downturn. By being involved more closely with SEC regulations and monitoring, the SEC hopes to identify and prevent more cases of fraud in the future.